Fiserv reports $5.94 billion net loss for Q3 2026

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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As of July 31, October 30, 2026, there were 531,766,721 532,047,720 shares of common stock, $0.01 par value, of the registrant outstanding.

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Financial Statements (Unaudited) 2 changes

Consolidated Statements of Income (Loss)

Consolidated Statements of Comprehensive Income (Loss)

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Financial statements 165 changes

Consolidated Statements of Income (Loss)

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June 30, Six Months Ended

September 30, Nine Months Ended

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Product 1,000 1,212 1,957 2,297

Total revenue 5,292 5,516 10,319 10,646

Cost of processing and services 1,706 1,412 3,316 2,801

Cost of product 689 694 1,386 1,378

Selling, general and administrative 1,888 1,711 3,773 3,393

Net (gain) loss on sale of assets ( 6 ) 3 ( 89 ) ( 17 )

Total expenses 4,277 3,820 8,386 7,555

Operating income 1,015 1,696 1,933 3,091

Interest expense, net ( 370 ) ( 365 ) ( 717 ) ( 696 )

Other expense, net ( 24 ) ( 39 ) ( 2 ) ( 57 )

Income tax provision ( 156 ) ( 246 ) ( 180 ) ( 436 )

Net income 630 1,030 1,203 1,878

Net income attributable to Fiserv, Inc. $ 627 $ 1,026 $ 1,198 $ 1,877

Basic $ 1.18 $ 1.86 $ 2.25 $ 3.38

Diluted $ 1.17 $ 1.86 $ 2.24 $ 3.36

Basic 532.6 550.8 533.4 556.1

Diluted 533.7 552.7 534.5 558.7

Product 965 990 2,922 3,287

Total revenue 5,196 5,263 15,515 15,909

Cost of processing and services 1,726 1,486 5,042 4,287

Cost of product 713 679 2,099 2,057

Selling, general and administrative 1,901 1,762 5,674 5,155

Net gain on disposition of businesses and other assets ( 102 ) ( 100 ) ( 191 ) ( 117 )

Goodwill impairment 6,452 — 6,452 —

Total expenses 10,690 3,827 19,076 11,382

Operating income (loss) ( 5,494 ) 1,436 ( 3,561 ) 4,527

Interest expense, net ( 333 ) ( 422 ) ( 1,050 ) ( 1,118 )

Gain on early debt extinguishment 154 29 — 154 183 —

Other expense, net ( 4 ) ( 50 ) ( 6 ) ( 107 )

Income (loss) before income taxes and income (loss) from investments in unconsolidated affiliates ( 5,802 ) 964 ( 4,434 ) 3,302

Income tax provision ( 137 ) ( 173 ) ( 317 ) ( 609 )

Income (loss) from investments in unconsolidated affiliates 11 — 16 ) 8 15 ( 24 16 )

Net income (loss) ( 5,939 ) 799 ( 4,736 ) 2,677

Less: net income attributable to noncontrolling interests 3 4 5 1 2 7 7 8

Net income (loss) attributable to Fiserv, Inc. $ ( 5,941 ) $ 792 $ ( 4,743 ) $ 2,669

Net income (loss) attributable to Fiserv, Inc. per share:

Basic $ ( 11.17 ) $ 1.46 $ ( 8.90 ) $ 4.85

Diluted $ ( 11.17 ) $ 1.46 $ ( 8.90 ) $ 4.83

Shares used in computing net income (loss) attributable to Fiserv, Inc. per share:

Basic 531.8 540.2 532.9 550.8

Diluted 531.8 541.8 532.9 553.0

(1) Includes processing and other fees charged to related party investments accounted for under the equity method of $ 20 26 million and $ 21 million for each of the three months ended June September 30, 2026 and 2025, respectively, and $ 38 64 million and $ 56 77 million for the six nine months ended June September 30, 2026 and 2025, respectively (see Note 6).

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June 30, Six Months Ended

Net income $ 630 $ 1,030 $ 1,203 $ 1,878

Consolidated Statements of Comprehensive Income (Loss)

September 30, Nine Months Ended

Net income (loss) $ ( 5,939 ) $ 799 $ ( 4,736 ) $ 2,677

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Fair market value adjustment on derivatives ( 8 ( 1 11 ) 25 ( 4 17 ) ( 7 )

Reclassification adjustment for net realized losses on cash flow hedges included in cost of processing and services 5 — 9 6 2 15 4

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Tax impacts of derivatives ( 6 ) ( 1 ) ( 3 ) ( 3 )

Foreign currency translation 45 260 28 457

Tax impacts of derivatives ( 5 ) 1 ( 8 ) ( 2 )

Foreign currency translation ( 33 ) ( 71 ) ( 5 ) 386

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Total other comprehensive income 51 362 1 605

Comprehensive income $ 681 $ 1,392 $ 1,204 $ 2,483

Comprehensive income attributable to Fiserv, Inc. $ 679 $ 1,312 $ 1,199 $ 2,389

Total other comprehensive income (loss) ( 16 ) ( 82 ) ( 15 ) 523

Comprehensive income (loss) $ ( 5,955 ) $ 717 $ ( 4,751 ) $ 3,200

Less: net income attributable to noncontrolling interests 3 4 5 1 2 7 7 8

Less: other comprehensive (loss) income attributable to noncontrolling interests ( 1 ) 76 — 93 2 2 2 95

Comprehensive income (loss) attributable to Fiserv, Inc. $ ( 5,959 ) $ 708 $ ( 4,760 ) $ 3,097

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Settlement assets 17,561 16,479

Assets held for sale 190 —

Goodwill 37,524 37,703

Total assets $ 80,886 $ 80,133

Cash and cash equivalents $ 627 545 $ 798

Trade accounts receivable, less allowance for doubtful accounts 3,909 3,826 3,981

Prepaid expenses and other current assets 3,077 3,030 3,396

Settlement assets 16,339 16,479

Total current assets 25,364 23,740 24,654

Property and equipment, net 3,328 3,367 3,084

Customer relationships, net 4,588 4,274 5,093

Other intangible assets, net 5,124 5,190 5,068

Goodwill 30,953 37,703

Contract costs, net 1,029 1,056 1,039

Investments in unconsolidated affiliates 1,031 1,122 1,046

Other long-term assets 2,898 2,885 2,446

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and 85 more changes in the filing

Note 1: Basis of Presentation and Summary of Significant Accounting Policies 58 changes

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The consolidated financial statements for the three and six nine months ended June September 30, 2026 and 2025 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual consolidated financial statements and accompanying notes of Fiserv, Inc. (the "Company"). These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

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The consolidated financial statements include the accounts of Fiserv, Inc. and its subsidiaries in which the Company holds a majority controlling financial interest. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. Control is typically established when ownership and voting interests in an entity are greater than 50%. Investments in which the Company has significant influence but not control are accounted for using the equity method of accounting, for which the Company's share of net income or loss is reported within income (loss) from investments in unconsolidated affiliates, and the related tax expense or benefit is reported within the income tax provision in the consolidated statements of income (loss). Significant influence over an affiliate's operations generally coincides with an ownership interest of between 20% and 50%; for partnerships and limited liability companies, an ownership interest of between 3% and 50%; or board of director representation may also constitute significant influence.

Noncontrolling interests in entities of which the Company maintains a majority controlling financial interest represent the minority shareholders' share of the net income or loss and equity in consolidated subsidiaries and are presented as a separate line item within the consolidated statements of income (loss) and as a component of equity in within the consolidated balance sheets.

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(In millions) June September 30, 2026 December 31, 2025 June September 30, 2025

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The Company analyzes the collectability of trade accounts receivable by considering historical bad debts and issued client credits, client creditworthiness, current economic trends, conditions, changes in client payment terms and collection trends when evaluating the adequacy of the allowance for doubtful accounts. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. The allowance for doubtful accounts was $ 86 94 million and $ 84 million at June September 30, 2026 and December 31, 2025, respectively.

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(In millions) June September 30, 2026 December 31, 2025

Prepaid maintenance, postage and insurance $ 385 374 $ 334

Other prepaid expenses 304 297 269

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Net merchant cash advances, including Clover Capital program 425 350 564

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Other current assets 827 885 858

Total other current assets 2,388 2,359 2,793

Total prepaid expenses and other current assets $ 3,077 3,030 $ 3,396 (1) Prepaid expenses represent advance payments for goods and services to be consumed in the future.

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The Company classifies merchant cash advances as held for investment when it has the intent and ability to hold the receivables for the foreseeable future, until maturity, or until payoff. The Company classifies merchant cash advances as held for sale when it has both the intent and ability to sell all of its rights, title, and interest in the receivables to third-party investors.

The Company offers merchants advance access to capital, primarily through its Clover Capital program. Under this program, merchants sell fixed amounts of their future credit card receivables to the Company in exchange for an up-front purchase price payment. Future credit card receivables purchased by the Company under its merchant cash advance programs, including Clover Capital, were $ 454 378 million and $ 598 million at June September 30, 2026 and December 31, 2025, respectively. The Company maintained an allowance for credit losses of $ 29 28 million and $ 34 million at June September 30, 2026 and December 31, 2025, respectively. The allowance reflects an estimate of expected credit losses based on collection performance trends, current economic conditions, and reasonable and supportable forecasts. For the six nine months ended June September 30, 2026, merchant cash advances, which are generally collected over a period of six to twelve months , are presented on a gross basis within investing activities in the consolidated statement of cash flows. For the six nine months ended June September 30, 2025, merchant cash advances were presented on a net basis, along with settlement anticipation cash advances as described below, within investing activities in the consolidated statement of cash flows.

In May 2026, the Company entered into asset purchase and sale agreements with certain third parties providing for the monthly sale of certain future credit card receivables originated under the Company's merchant cash advance programs described above. Aggregate proceeds, subject to additional consideration based upon specified return thresholds (see Note 8), from the sales of merchant cash advance receivables under these arrangements were $ 152 141 million and $ 293 million during the six three and nine months ended June September 30, 2026, respectively. The Company recognizes interest-related income earned on, and gains on sales of, merchant cash advances in processing and services revenue in the consolidated statements of income (loss) (see Note 3).

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The Company classifies merchant cash advances as held for investment when it has the intent and ability to hold the receivables for the foreseeable future, until maturity, or until payoff. The Company classifies merchant cash advances as held for sale when it has both the intent and ability to sell all of its rights, title, and interest in the receivables to third-party investors. There were no merchant cash advances classified as held for sale as of September 30, 2026.

Advances classified as held for sale at origination are presented as a component of cash flows from operating activities, while advances held for investment at origination are presented as a component of cash flows from investing activities in the consolidated statement of cash flows. There were no merchant cash advances classified as held for sale as of June 30, 2026.

The Company also offers merchants within its international operations advance access to capital through its settlement anticipation program. Under this program, the Company provides merchants the opportunity to receive settlement cash payments in advance in exchange for their settlement receivables from card issuers, including when cardholders have elected to pay over time in installments. These local currency denominated arrangements are primarily associated with the Company's operations in Latin America, the most significant of which are denominated in Argentine Peso and Brazilian Real. The Company sells, without recourse, certain of these settlement anticipation cash advances within its Latin American operations. Activity related to settlement anticipation cash advances, the majority of which are collected within 30 days, are presented on a net basis within investing activities in the consolidated statements of cash flows.

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Assets Held For Sale

The Company classifies assets (or an asset disposal group) as held for sale when there is a committed plan to sell, the assets are ready and actively being marketed, and it is probable that the sale will be completed within one year at a reasonable price. Assets, and any associated liabilities, classified as held for sale are presented separately in the consolidated balance sheets and are measured at the lower of their carrying amount or fair value less costs to sell. Upon classification as held for sale, the Company ceases depreciation and amortization of the related assets. Any subsequent changes in estimated fair value less costs to sell are recognized as gains or losses in the consolidated statements of income. Additional information regarding the Company's assets held for sale is included in Note 4 to the consolidated financial statements.

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Property and Equipment

During its annual impairment a ssessment as of October 1, 2025, the Company performed a quantitative test for each of its reporting units and determined that its goodwill was not impaired as the estimated fair values exceeded the respective carrying values for each of the Company's reporting units. Subsequently, the Company determined that a triggering event occurred during the fourth quarter of 2025 due to a significant decline in its stock price, and therefore performed an additional quantitative goodwill impairment test for all reporting units as of December 31, 2025. The Company determined that its goodwill was not impaired as of December 31, 2025 as the estimated fair values exceeded the respective carrying values for each of the Company's reporting units. At December 31, 2025, fair values exceeded carrying values by less than 15 % for eight of the Company's reporting units with an aggregate goodwill balance of $ 18.5 billion.

With respect to the Company's merchant acquiring business, the Company's merchant customers have the legal obligation to refund any charges properly reversed by the cardholder. However, in the event the Company is not able to collect the refunded amounts from the merchants, the Company may be liable for the reversed charges. The Company's risk in this area primarily relates to situations where a cardholder has purchased goods or services to be delivered in the future. The Company requires cash deposits, guarantees, letters of credit or other types of collateral from certain merchants to mitigate this risk. Collateral held by the Company, or held by partner banks for the Company's benefit, is classified within settlement assets, and the obligation to repay the collateral is classified within settlement obligations in the consolidated balance sheets. The amount of merchant collateral available to the Company was $ 518 498 million and $ 588 million at June September 30, 2026 and December 31, 2025, respectively. The Company also utilizes a number of systems and procedures to manage merchant credit risk. Despite these efforts, the Company experiences losses due to merchant defaults. The aggregate merchant credit loss expense, recognized by the Company within cost of processing and services in the consolidated statements of income (loss), was $ 32 30 million and $ 33 32 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 66 96 million and $ 61 93 million for the six nine months ended June September 30, 2026 and 2025, respectively.

The Company maintains an allowance for merchant credit losses that are expected to exceed the amount of merchant collateral. The allowance includes estimated losses from anticipated chargebacks and fraud events that have been incurred on merchant payment transactions that have been processed but not yet reported to the Company, which is recorded within accounts payable and other current liabilities in the consolidated balance sheets, as well as estimated losses on refunded amounts to cardholders that have not yet been collected from the merchants, which is recorded within prepaid expenses and other current assets in the consolidated balance sheets. The allowance is based primarily on the Company's historical experience of credit losses and other factors such as changes in economic conditions or increases in merchant fraud. The aggregate merchant credit loss allowance was $ 50 53 million and $ 46 million at June September 30, 2026 and December 31, 2025, respectively.

Property, Equipment and Other Long-Term Assets

Property and equipment is reported at cost. Depreciation of property and equipment is computed primarily using the straight-line method over the shorter of the estimated useful life of the asset or the leasehold period, if applicable. During the six nine months ended June September 30, 2026, the Company entered into sale leaseback arrangements for certain of its facilities for an aggregate net sales price of $ 201 million. The sale of these facilities in the first six months of 2026 resulted in an aggregate gain of $ 83 million recorded within net gain on sale disposition of businesses and other assets in the consolidated statement of income (loss) during the nine months ended September 30, 2026. The leasebacks of these facilities are classified as operating leases and are recorded as right-of-use assets and lease liabilities in the consolidated balance sheet.

During the three months ended September 30, 2026, the Company recognized an impairment charge of $ 68 million related to a change in the intended use of certain facility operating lease right-of-use assets, resulting in the modification and remeasurement of the related leases. The impairment charge was recorded within selling, general and administrative expenses in the consolidated statement of income (loss). The Company evaluated the right-of-use assets for impairment and estimated their fair values using a discounted cash flow model based primarily on expected future sublease payments (Level 3 of the fair value hierarchy).

Goodwill represents the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company evaluates goodwill for impairment on an annual basis, or more frequently if circumstances indicate possible impairment . Goodwill is tested for impairment at a reporting unit level, which is one level below the Company's operating segments. When reviewing goodwill for impairment, the Company considers the prior test's amount of excess fair value over the carrying value of each reporting unit, the period of time since a reporting unit's last quantitative test, the extent a reorganization or disposition changes the composition of one or more of the reporting units and other prevailing factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair values of its reporting units are less than their respective carrying values. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry and other events specific to its reporting units. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative impairment test.

The Company determined that a triggering event occurred during the third quarter of 2026 as a result of sustained decreases in its share price and market capitalization, and therefore performed an interim quantitative goodwill impairment test for all reporting units in connection with the preparation of the Company's consolidated financial statements for the three months ended September 30, 2026. The impairment assessment determined that the estimated fair values of certain reporting units were less than their respective carrying values and resulted in an aggregate non-cash goodwill impairment charge of $ 6.45 billion during the three months ended September 30, 2026. The non-cash impairment charge resulted in a related tax benefit of $ 50 million on the impairment of tax-deductible goodwill, recorded within the income tax provision in the consolidated statements of income (loss).

The Company determined the fair value of its reporting units using a discounted cash flow income approach (Level 3 of the fair value hierarchy) as the Company believes it directly reflects the Company's future growth and operating performance, and engaged an independent valuation specialist to assist in the fair value determinations. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, risk-adjusted discount rates and future economic and market conditions. In connection with its interim goodwill impairment test during the third quarter of 2026, the Company used risk-adjusted discount rates ranging from 14 % to 18 %, compound annual revenue growth rates ranging from 1 % to 8 % and terminal growth rates ranging from 0 % to 4 %.

The table below presents the impairment charge and remaining goodwill balance by reporting unit and corresponding reportable segment:

(In millions) Reportable Segment Impairment Charge Goodwill Balance at September 30, 2026

Reporting Unit 1 Merchant

Reporting Unit 2 Financial

Reporting Unit 4 Financial

Reporting Unit 5 Merchant

Reporting Unit 6 Merchant

Reporting Unit 7 Merchant

Reporting Unit 8 Merchant

Reporting Unit 9 Financial

Reporting Unit 10 Financial

The Company determined that there have been no material events or changes during fair value for each of the first six months Company's reporting units not subject to the impairment charge above exceeds its respective carrying value, with Reporting Unit 3 (reported within the Financial Solutions segment with a goodwill balance of $ 1.8 billion at September 30, 2026) that would impact having the estimates and assumptions used in lowest fair value cushion of approximately 10 %. All other reporting units not subject to the goodwill impairment test as charge above have a fair value cushion of December 31, 2025. However, at least 20 %. It is reasonably possible that further significant and sustained decreases in the Company's stock share price future developments related to changes in forecasted revenue growth rates or operating margins; changes in the interest or currency exchange rate environments; and market capitalization; a shift in strategic initiatives; a deterioration in financial performance within a particular reporting unit; or significant changes in the composition of, or assumptions used in, the quantitative test for certain of the Company's reporting units (such as an increase in risk-adjusted discount rates) could have a material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment in subsequent periods. There Additionally, if future operating performance is no below the Company's expectations or there are future developments related to changes to forecasted revenue growth rates or operating margins, risk-adjusted discount rates, foreign currency exchange rates, effective income tax rates, or some combination thereof, a decline in the fair value of the reporting units could result in, and the Company may be required to record, an additional goodwill impairment charge in subsequent periods. As of September 30, 2026, the accumulated goodwill impairment for the Company through June 30, 2026. was $ 6.45 billion.

The following table presents changes in goodwill during the nine months ended September 30, 2026:

(In millions) Merchant Financial Total

Goodwill - December 31, 2025 $ 23,106 $ 14,597 $ 37,703

Acquisition measurement period adjustments (see Note 4) 16 — 16

Dispositions (see Note 4) — ( 173 ) ( 173 )

Impairment ( 3,692 ) ( 2,760 ) ( 6,452 )

Foreign currency translation ( 115 ) ( 26 ) ( 141 )

Goodwill - September 30, 2026 $ 19,315 $ 11,638 $ 30,953

The U.S. dollar is the functional currency of the Company's U.S.-based and certain foreign-based businesses. Where the functional currency of subsidiaries differs from the U.S. dollar, assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rates during the reporting period. Gains and losses from foreign currency translation are recorded as a separate component of accumulated other comprehensive loss. Gains and losses from foreign currency transactions are included in determining net income (loss) for the reporting period.

Financial statements of subsidiaries located in highly inflationary economies outside of the U.S. are remeasured into U.S. dollars, and the foreign currency gains and losses from the remeasurement of monetary assets and liabilities are reflected in the consolidated statements of income (loss), rather than as foreign currency translation within accumulated other comprehensive loss in the consolidated balance sheets. The remeasurement of monetary assets and liabilities of subsidiaries located in Argentina, a highly inflationary economy, resulted in foreign currency exchange losses of $ 30 14 million and $ 46 53 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 9 23 million and $ 64 117 million for the six nine months ended June 30, 2026 and 2025, respectively, which is included within other income (expense), net in the consolidated statements of income.

September 30, 2026 and 2025, respectively, which is included within other income (expense), net in the consolidated statements of income (loss).

To reduce exposure to changes in the value of the Company's net investments in certain of its foreign currency-denominated subsidiaries due to changes in foreign currency exchange rates, the Company uses fixed-to-fixed cross-currency rate swap contracts and foreign currency-denominated debt as economic hedges of its net investments in such foreign currency-denominated subsidiaries. Foreign currency transaction gains or losses on the qualifying net investment hedge instruments are recorded as foreign currency translation, net of tax, within other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) and will remain in accumulated other comprehensive loss within the consolidated balance sheets until the sale or complete liquidation of the underlying foreign currency-denominated subsidiaries.

Derivatives are entered into for periods consistent with related underlying exposures and are recorded in the consolidated balance sheets as either an asset or liability measured at fair value. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the consolidated statements of income (loss) when the hedged item affects earnings. If the derivative is designated as a net investment hedge, changes in the fair value of the derivative, net of tax, are recorded in the foreign currency translation component of other comprehensive income (loss) until the sale or complete liquidation of the underlying net investment. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the same line item as the changes in the fair value of the hedged item and recognized in the consolidated statements of income (loss). To the extent a derivative is not designated as a hedge, changes in fair value are recognized in the consolidated statements of income (loss). The Company's policy is to enter into derivatives as economic hedges with creditworthy institutions to limit exposure to changing interest rates and foreign currency rate fluctuations, and not to enter into such derivatives for speculative purposes. Additional information regarding the Company's derivatives and hedging instruments is included in Note 7 to the consolidated financial statements.

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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 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 disposition of businesses and other assets in the consolidated statement statements of income (loss). 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.

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June 30, Six Months Ended

September 30, Nine Months Ended

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Note 2: Recent Accounting Pronouncements 1 change

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In 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"), which is intended to more closely align hedge accounting with the economics of an entity's risk management activities. ASU 2025-09 includes targeted improvements, primarily related to cash flow hedging, involving expanded eligibility for grouping individual forecasted transactions with similar risk exposure; the addition of an alternative model for the application of hedge accounting to cash flow hedges of interest payments on choose-your-rate debt instruments; the ability to designate a variable price component of a forecasted purchase or sale of a nonfinancial asset; and refines the guidance for net written options as hedging instruments and for a dual hedge strategy involving foreign currency denominated debt. For public entities, the provisions within ASU 2025-09 are effective for fiscal years beginning after December 15, 2026, and for interim reporting periods within those fiscal years. The provisions within ASU 2025-09 are required to be applied prospectively. The Company is currently assessing the provisions of ASU 2025-09; however, the Company does not expect the adoption of ASU 2025-09 to have a material impact on its consolidated financial statements and disclosures.

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Note 3: Revenue Recognition 23 changes

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America ("LATAM"); and Asia Pacific ("APAC"). The majority of the Company's revenue is earned in the U.S., with revenue generated within its EMEA, LATAM and APAC regions comprising approximately 16 % of total revenue for both the three and six months ended June 30, 2026 and approximately 16 % and 15 % of total revenue for the three and six months ended June 30, 2025, respectively.

Three Months Ended June 30, Six Months Ended June 30,

The Company's operations are comprised of the Merchant Solutions ("Merchant") and the Financial Solutions ("Financial") reportable segments (see Note 18). The table below presents the Company's revenue disaggregated by business line and includes a reconciliation with its reportable segments. The Company serves its global client base by working among its geographic teams across various regions, including the U.S. and Canada; Europe, Middle East and Africa ("EMEA"); Latin America ("LATAM"); and Asia Pacific ("APAC"). The majority of the Company's revenue is earned in the U.S., with revenue generated within its EMEA, LATAM and APAC regions comprising approximately 16 % of total revenue for both the three and nine months ended September 30, 2026 and approximately 16 % and 15 % of total revenue for the three and nine months ended September 30, 2025, respectively.

Three Months Ended September 30, Nine Months Ended September 30,

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Small Business $ 1,760 $ 1,774 $ 3,369 $ 3,368

Enterprise 584 587 1,096 1,089

Processing 264 283 516 559

Total Merchant Solutions segment revenue $ 2,608 $ 2,644 $ 4,981 $ 5,016

Total Financial Solutions segment revenue $ 2,355 $ 2,552 $ 4,657 $ 4,969

Corporate and Other $ 329 $ 320 $ 681 $ 661

Small Business $ 1,713 $ 1,741 $ 5,082 $ 5,109

Enterprise 561 580 1,657 1,669

Processing 247 265 763 824

Total Merchant Solutions segment revenue $ 2,521 $ 2,586 $ 7,502 $ 7,602

Total Financial Solutions segment revenue $ 2,331 $ 2,333 $ 6,988 $ 7,302

Corporate and Other $ 344 $ 344 $ 1,025 $ 1,005

(1) Total revenue includes $ 343 310 million and $ 667 977 million for the three and six nine months ended June September 30, 2026, respectively, and $ 377 382 million and $ 708 million 1.09 billion for the three and six nine months ended June September 30, 2025, respectively, which represents revenue recognized outside the scope of Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). Such revenue primarily consists of interest-related income earned on, and gains on sales of, merchant and settlement anticipation cash advances; interest income earned on short-term investments of subscriber funds and intermediary settlement cash balances; and lease income associated with point-of-sale ("POS") terminal equipment.

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Contract assets $ 941 $ 885

(In millions) June September 30, 2026 December 31, 2025

Contract assets $ 843 $ 885

Contract liabilities 1,079 1,014 1,124

Contract assets, reported within other long-term assets in the consolidated balance sheets, primarily relate to customer discounts (contract incentives) where revenue is recognized and payment of consideration under the contract is contingent upon the transfer of services to a customer over the contractual period. Contract liabilities primarily relate to advance consideration received from customers (deferred revenue) for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $ 572 751 million of revenue during the six nine months ended June September 30, 2026 that was included in the contract liabilities balance at the beginning of the period.

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The following table includes estimated processing and services revenue expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) at June September 30, 2026:

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Note 4: Acquisitions, Dispositions and Other Transactions 10 changes

Acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . Purchase price was allocated to the respective identifiable assets acquired and liabilities assumed based on the estimated fair values at the date of acquisitions. The results of operations for the following acquired and divested businesses are included in the consolidated results of the Company from the respective dates of acquisition and through the respective dates of disposition. Pro forma information for these acquired businesses is not provided because they did not have a material effect, individually or in the aggregate, on the Company's consolidated results of operations.

5 unchanged paragraphs

During the first quarter of 2026, the Company identified and recorded measurement period adjustments to the preliminary CCV purchase price allocation, including refinements to valuations of acquired intangible assets, which were the result of additional analysis performed and information identified based on facts and circumstances that existed as of the acquisition date. These measurement period adjustments resulted in a decrease to identifiable intangible assets of $ 15 million, an increase in goodwill of $ 14 million, and an increase in other net assets of $ 1 million. Such measurement period adjustments did not have a material impact on the Company's consolidated statement of income (loss). The allocation of the purchase price was finalized in the first quarter of 2026 and resulted in the recognition of identifiable intangible assets, including customer relationships, of $ 103 million with a useful life of 8 years, acquired software and technology of $ 2 million with a useful life of 1 year and an acquired trademark of $ 4 million with a useful life of 2 years; $ 120 million of goodwill; and $ 24 million of other net assets, including acquired cash. Goodwill, which is not deductible for tax purposes, is primarily attributed to the anticipated value created by enabling the Company's ability to accelerate the deployment of its Clover ® POS and business management platform, providing enhanced capabilities and innovation to an expansive combined merchant and partner base across Europe.

3 unchanged paragraphs

In May 2026, the Company entered into a definitive agreement to sell its student loan servicing business, which is reported within the Financial segment. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. As of June 30, 2026, the Company determined that this pending divestiture met the criteria to be classified as held for sale. Accordingly, the assets and liabilities of the student loan servicing business are classified as assets held for sale and liabilities associated with assets held for sale within the consolidated balance sheet. The major classes of assets and liabilities held for sale as of June 30, 2026 include trade accounts receivable, capitalized software, contract costs, allocated goodwill, and contract liabilities, which are presented in aggregate within the consolidated balance sheet.

In August 2026, the Company formed a joint venture, MoneyPass Group, of which it will maintain a 49 % ownership interest, encompassing its MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, which are reported within the Financial segment.

On October 1, 2025, the Company acquired a portion of The Toronto-Dominion Bank's merchant processing business in Canada ("TD Merchant Canada"). TD Merchant Canada is included within the Merchant segment and expands the footprint of the Company's Clover POS and business management platform. On September 25, 2025, the Company acquired the Smith Consulting Group, LLC business ("SCG"), an operational consulting service utilized by community banks and credit unions across the U.S. SCG is included within the Financial segment and supports the Company's ability to provide consultative engagement to enhance community banks' and credit unions' strategic investments. On September 4, 2025, the Company acquired CardFree Inc. ("CardFree"), an all-in-one platform delivering integrated order, payment and loyalty solutions for merchants. CardFree is included within the Merchant segment and further expands the capabilities of the Company's Clover POS and business management platform across the hospitality, restaurant and lodging industries. On June 4, 2025, the Company acquired Money Money Serviços Financeiros S.A. ("Money Money"), a Brazil-based provider of risk analysis and credit decisioning solutions. Money Money is included within the Merchant segment and expands the Company's payment and financial service capabilities, enabling access to working capital and other payment solutions for small and medium-sized businesses. On April 4, 2025, the Company acquired Pinch Payments NZ Limited (together with Zootive Pty Ltd, "Pinch Payments"), an Australia-based payment facilitator. Pinch Payments is included within the Merchant segment and expands the Company's flexible payment services for its partners and clients, and presence within the Asia-Pacific Asia Pacific region.

The Company acquired these businesses for an aggregate purchase price, including deferred payments, consideration of $ 127 million, including deferred payments and earn-out provisions with an estimated at a fair value of $ 35 million. (see Note 8). The allocation of purchase price for these acquisitions resulted in the recognition of identifiable intangible assets, including software and technology of $ 31 million with a weighted average useful life of 7 years and customer relationships of $ 18 million with a weighted average useful life of 6 years; $ 73 million of goodwill; and $ 5 million of other net assets. The purchase price allocations for Money Money and Pinch Payments were finalized in the third quarter of 2025, for SCG in the fourth quarter of 2025, and for CardFree and TD Merchant Canada in the first quarter of 2026. Measurement period adjustments did not have a material impact on the Company's consolidated statement statements of income (loss). Goodwill for these acquisitions is primarily attributed to the anticipated value created by expanding the reach of the Company's Clover POS and business management platform and further enabling the Company's payment solutions, financial service capabilities and advisory services for financial institutions. For tax purposes, goodwill related to the SCG and TD Merchant Canada acquisitions is deductible; however, goodwill related to the Money Money, Pinch Payments and CardFree acquisitions is not deductible.

Disposition of Business Businesses and Other Transactions

On September 2, 2026, the Company completed the sale of its student loan servicing business, which was reported within the Financial segment, for net consideration of $ 85 million, of which $ 48 million was received in cash as of September 30, 2026 plus contingent earn-out provisions of up to $ 52 million, which will be recognized upon realization. During the third quarter of 2026, the Company recognized a pre-tax loss on the sale of $ 98 million, recorded within net gain on disposition of businesses and other assets, with a related income tax benefit of $ 6 million, recorded within the income tax provision, in the consolidated statements of income (loss). The pre-tax loss was comprised of the difference between the net cash consideration plus deferred payments and the net carrying amount of the business, including $ 77 million of capitalized software, $ 73 million of goodwill, and $ 33 million of other net assets.

On August 5, 2026, the Company completed the sale of a 51 % controlling financial interest in its MoneyPass Network, ATM Managed Services and Cash Intelligence businesses ("MoneyPass Group"), which were reported within the Financial segment, for net cash proceeds of $ 102 million. The 51 % controlling financial interest consists of preferred units with an annual cumulative preferred return. Prior to the closing of the transaction, MoneyPass Group obtained $ 218 million, net of fees, of third-party debt financing. The proceeds from this debt financing were primarily distributed to the Company. Following the transaction, the Company retained a 49 % noncontrolling ownership interest in MoneyPass Group. Upon deconsolidation, the Company recognized its retained ownership interest at fair value and recorded a pre-tax gain of $ 198 million, representing the excess of the consideration received and the fair value of the retained interest over the carrying amount of the net assets derecognized. The carrying amounts of the assets and liabilities derecognized primarily included $ 97 million of customer relationship intangible assets, $ 100 million of goodwill, and $ 218 million of long-term debt. The pre-tax gain was recorded within net gain on disposition of businesses and other assets, and the related income tax expense of $ 71 million was recorded within the income tax provision, in the consolidated statements of income (loss).

In connection with the transaction, the Company entered into a services agreement to provide certain processing and other support services to MoneyPass Group for defined service fees. MoneyPass Group is a variable interest entity, and the Company holds variable interests through its 49 % ownership interest and the services agreement. The Company is not the primary beneficiary of MoneyPass Group because it does not control MoneyPass Group's board of directors, which maintains the power to direct the activities that most significantly impact MoneyPass Group's economic performance, and, therefore, does not consolidate MoneyPass Group. The Company accounts for its retained ownership interest under the equity method. At September 30, 2026, the carrying amount of the Company's investment in MoneyPass Group was $ 107 million and was included within investments in unconsolidated affiliates in the consolidated balance sheet.

1 unchanged paragraph

Note 5: Intangible Assets 11 changes

2 unchanged paragraphs

Customer relationships $ 14,696 $ 10,108 $ 4,588

Trade names 621 481 140

Purchased software 1,354 370 984

Total $ 24,267 $ 14,555 $ 9,712

Customer relationships $ 14,487 $ 10,213 $ 4,274

Acquired software and technology 2,187 1,505 682 1,563 624

Trade names 618 490 128

Purchased software 1,406 418 988

Capitalized software and other intangibles 5,409 2,091 3,318 5,669 2,219 3,450

Total $ 24,367 $ 14,903 $ 9,464

6 unchanged paragraphs

Amortization expense associated with the above identifiable intangible assets was $ 587 576 million and $ 581 561 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 1.2 billion and $ 1.1 1.7 billion for both the six nine months ended June September 30, 2026 and 2025. respectively.

Note 6: Investments in Unconsolidated Affiliates 4 changes

The Company maintains investments in various affiliates that are accounted for as equity method investments, the most significant of which are related to the Company's merchant alliances. The Company's share of net income or loss from these investments is reported within income (loss) from investments in unconsolidated affiliates and the related tax expense or benefit is reported within the income tax provision in the consolidated statements of income (loss). The Company reviews its equity method investments each reporting period for indications of an other-than-temporary decline in value, including any significant changes in business relationships with merchant alliances. A decline in value of an equity method investment determined to be other-than-temporary is recorded as a current-period impairment charge within income (loss) from investments in unconsolidated affiliates in the consolidated statements of income (loss).

The Company maintains ownership interests in certain merchant alliances, which combine the processing capabilities and management expertise of the Company with the visibility and distribution channel of a financial institution. A merchant alliance acquires credit and debit card transactions from merchants. The formation 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 of the alliance 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. Fees charged to merchant alliances, based on contractual pricing, are recognized in the Company's consolidated statements of income (loss) primarily as processing and services revenue, and totaled $ 20 18 million and $ 19 21 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 38 56 million and $ 51 72 million for the six nine months ended June September 30, 2026 and 2025, respectively. The Company's investment in its merchant alliances was $ 720 705 million and $ 736 million at June September 30, 2026 and December 31, 2025, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets.

2 unchanged paragraphs

The Company maintains noncontrolling ownership interests in Sagent M&C, LLC ("Sagent") and defi SOLUTIONS Group, LLC ("defi") (collectively the "Lending Joint Ventures"), which are accounted for under the equity method. The Company's net investment in the Lending Joint Ventures was $ 90 96 million and $ 88 million at June September 30, 2026 and December 31, 2025, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets. The Company has guaranteed the debt of the Lending Joint Ventures Sagent and had previously guaranteed the debt of defi. The Company does not anticipate that the Lending Joint Ventures Sagent will fail to fulfill their its existing debt obligations (see Note 8). In addition, the Company maintains other strategic investments accounted for under the equity method (see Note 4). The Company's aggregate investments investment in such entities was $ 215 318 million and $ 208 million at June September 30, 2026 and December 31, 2025, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets.

1 unchanged paragraph

The Company also maintains investments, over which it does not have significant influence, in various equity securities without a readily determinable fair value. Such investments totaled $ 108 109 million and $ 126 million at June September 30, 2026 and December 31, 2025, respectively, and are primarily included within other long-term assets in the consolidated balance sheets. The Company reviews these investments each reporting period to determine whether an impairment or observable price change for the investment has occurred. To the extent such events or changes occur, the Company evaluates the fair value compared to its cost basis in the investment. Gains or losses from a sale of these investments or a change in fair value are included within other income (expense), net in the consolidated statements of income (loss) for the period. Adjustments made for observable price changes to the values recorded for certain equity securities and net gains or losses from sales of equity securities were not significant during each of the three and six nine months ended June September 30, 2026 and 2025.

Note 7: Derivatives and Hedging Instruments 15 changes

1 unchanged paragraph

July 2049 (see Note 10), $ 22 million of unamortized losses associated with the Treasury Locks was recognized within net interest expense in the consolidated statements of income for the three and six months ended June 30, 2026. The remaining unamortized balance recorded in accumulated other comprehensive loss related to the Treasury Locks was $ 59 million and $ 88 million at June 30, 2026 and December 31, 2025, respectively. Based on the remaining amounts recorded in accumulated other comprehensive loss at June 30, 2026, the Company estimates that it will recognize approximately $ 12 million in net interest expense during the next 12 months related to settled interest rate hedge contracts.

The Company maintains forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee. The notional amount of these derivatives was $ 303 445 million and $ 323 million at June September 30, 2026 and December 31, 2025, respectively. Based on the amounts recorded in accumulated other comprehensive loss at June September 30, 2026, the Company estimates that it will recognize losses of approximately $ 13 11 million in cost of processing and services during the next 12 months as foreign exchange forward contracts settle.

The Company previously entered into treasury lock agreements ("Treasury Locks"), designated as cash flow hedges, to manage exposure to fluctuations in benchmark interest rates in anticipation of the issuance of fixed rate debt in connection with the 2019 acquisition and refinancing of certain indebtedness of First Data Corporation and its subsidiaries. In 2019, Concurrent with the issuance of U.S. dollar-denominated senior notes in 2019, the Treasury Locks were settled resulting in a loss, net of income taxes, and recorded in accumulated other comprehensive loss that is being amortized to earnings over the terms of the originally forecast interest payments. In connection with the early debt extinguishment of a portion of the Company's 4.400 % senior notes due in July 2049 (see Note 10), $ 4 million and $ 26 million of unamortized losses associated with the Treasury Locks was recognized within net interest expense in the consolidated statements of income (loss) for the three and nine months ended September 30, 2026. The remaining unamortized balance recorded in accumulated other comprehensive loss related to the Treasury Locks was $ 53 million and $ 88 million at September 30, 2026 and December 31, 2025, respectively. Based on the remaining amounts recorded in accumulated other comprehensive loss at September 30, 2026, the Company estimates that it will recognize approximately $ 11 million in net interest expense during the next 12 months related to settled interest rate hedge contracts.

3 unchanged paragraphs

(In millions) June September 30, 2026 December 31, 2025

3 unchanged paragraphs

June 30, Six Months Ended

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 (loss) 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 (loss) were as follows:

September 30, Nine Months Ended

3 unchanged paragraphs

Foreign exchange forward contracts 10 — — 10 —

The Company recorded income tax impacts of $ 10 ) 1 million and $( 98 6 ) million during the three months ended June September 30, 2026 and 2025, respectively, and $( 36 35 ) million and $ 138 132 million during the six nine months ended June September 30, 2026 and 2025, respectively, in other comprehensive income (loss) from the translation of foreign currency-denominated senior notes, Euro commercial paper notes, fixed-to-fixed cross-currency rate swap contracts and foreign exchange forward contracts.

The Company maintains fixed-to-floating interest rate swap contracts in the aggregate notional amount of $ 1.5 billion, designated as fair value hedges, to economically change a portion of its fixed rate senior notes to variable rate debt. Net changes in the fair value of the fixed-to-floating rate swaps ($ 21 77 million loss and $ 22 99 million loss for the three and six nine months ended June September 30, 2026, respectively), along with the offsetting change in the fair value of the hedged senior notes, attributable to changes in the designated benchmark interest rate, were recognized in net interest expense within the consolidated statements of income (loss).

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

4 unchanged paragraphs

In October 2026, the Company entered into fixed-to-floating interest rate swap contracts in the aggregate notional amount of $ 500 million, designated as fair value hedges, to economically change a portion of its 5.600 % senior notes due in March 2033 to variable rate debt.

In September 2026, the Company entered into foreign exchange forward contracts in the notional amounts of 40 million Euro and 180 million Polish Zloty, designated as fair value hedges, to mitigate the spot foreign exchange rate risk on the principal amounts of Euro-denominated and Polish Zloty-denominated intercompany notes. Net changes in the fair value of the foreign exchange forward contracts, along with the offsetting change in the fair value of the intercompany note, attributable to fluctuations in the Euro/Polish Zloty, are recognized in other (expense) income, net within the consolidated statements of income (loss). Net changes in the fair value of the foreign exchange forward contracts were not significant during the three months ended September 30, 2026.

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. Net changes in the fair value of the cross-currency rate swaps ($ 41 0.3 million gain loss and $ 60 million gain for the three and six nine months ended June September 30, 2025, 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 income (expense), net within the consolidated statement statements of income (loss).

Note 8: Fair Value Measurements 16 changes

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 7) are measured on a recurring basis based on benchmark interest rates, foreign currency spot rates and forwards quoted by banks and foreign currency dealers and are marked to market each period. Deferred consideration related to the sale of future credit card receivables originated under the Company's merchant cash advance programs (see Note 1) is estimated based on expected future cash collections of the sold receivables. 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 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.

In connection with the sale of future credit card receivables originated under the Company's merchant cash advance programs (see Note 1), the Company maintains the right to receive future consideration in the form of interest income collected on the sold receivables ("interest-only asset"). 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 fair value of the Company's contingent liability for current expected credit losses associated with its debt guarantee, 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.

1 unchanged paragraph

(In millions) Classification Fair Value Hierarchy June September 30,

2 unchanged paragraphs

Deferred consideration Interest-only asset on sale of merchant cash advances Prepaid expenses and other current assets Level 3 14 28 —

Cross-currency rate swap contracts designated as net investment hedges Accounts payable and other current liabilities Level 2 $ 24 23 $ 29

Cross-currency rate swap contracts designated as net investment hedges Other long-term liabilities Level 2 72 80 81

Forward exchange contracts designated as cash flow hedges Accounts payable and other current liabilities Level 2 13 11 10

1 unchanged paragraph

Fixed-to-floating interest rate swap contracts designated as fair value hedges Other long-term liabilities Level 2 22 99 —

Contingent consideration Accounts payable and other current liabilities Level 3 13 7 6

1 unchanged paragraph

Contingent debt guarantee Accounts payable and other current liabilities Level 3 4 2 —

1 unchanged paragraph

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). A portion of the Company's senior notes are designated under a fair value hedging relationship (see Note 7), and therefore changes in fair value attributable to changes in the designated benchmark interest rate are included in the carrying value of the hedged senior notes within the consolidated balance sheet. 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 $ 25.0 23.6 billion and $ 26.4 billion at June September 30, 2026 and December 31, 2025, respectively, and the carrying value was $ 25.5 24.6 billion and $ 26.9 billion at June September 30, 2026 and December 31, 2025, respectively.

Debt Guarantee Arrangements Arrangement

The Company has previously guaranteed the debt of the Lending Joint Ventures (see Note 6). maintain In September 2026, defi refinanced its then existing debt facilities with a syndicate of banks, which provided for the full termination and release of the Fiserv, Inc. debt guarantee. Additionally, in September 2026, the Company extended its debt guarantee of Sagent's existing debt facilities (which currently mature in April 2027) through March 2030. Sagent maintains a variable-rate term loan facilities facility with aggregate outstanding borrowings of $ 388 219 million in senior unsecured debt at June September 30, 2026 and a variable-rate revolving credit facilities facility with an aggregate a borrowing capacity of $ 83 43 million with a syndicate of banks. which mature in April 2027. There were $ 36 29 million of aggregate outstanding borrowings on the revolving credit facilities facility at June September 30, 2026. The Company has guaranteed the debt of the Lending Joint Ventures.

The Company maintains liabilities a liability for its obligations obligation to perform over the term of its debt guarantee arrangements arrangement with the Lending Joint Ventures, Sagent, which are is reported within accounts payable and other current liabilities in the consolidated balance sheets. The Company has provided aggregate guarantees a guarantee of $ 471 262 million associated with the debt of the Lending Joint Ventures Sagent 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, guarantee, nor has it been called upon to do so, and does not anticipate that the Lending Joint Ventures Sagent will fail to fulfill their its existing debt obligations.

The non-contingent component of the Company's debt guarantee arrangements arrangement is recorded at amortized cost, but measured at fair value for disclosure purposes. The carrying value of the Company's non-contingent liability of $ 7 2 million and $ 12 million approximates the fair value at June September 30, 2026 and December 31, 2025, respectively (Level 3 of the fair value hierarchy). Such guarantees guarantee will be amortized in future periods over the contractual term of the debt. The contingent component of the Company's debt guarantee arrangements arrangement 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 Sagent and historical industry data, which is used to develop assumptions of the likelihood the guaranteed parties party will default and the level of credit losses in the event a default occurs. The Company recognized $ 3 6 million and $ 4 5 million during the three months ended June September 30, 2026 and 2025, respectively, and $ 7 million and $ 9 14 million during both the six nine months ended June September 30, 2026 and 2025, respectively, within other income (expense), net in its consolidated statements of income (loss) related to its release from risk under the non-contingent guarantees guarantee as well as a change in the provision of estimated credit losses associated with the indebtedness of the Lending Joint Ventures.

1 unchanged paragraph

Certain of the Company's non-financial assets are measured at fair value on a non-recurring basis, including property and equipment, lease right-of-use 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 regarding fair value adjustments recorded on a non-recurring basis during the nine months ended September 30, 2026 is included in Notes 1 and 6 to the consolidated financial statements.

Note 9: Accounts Payable and Other Current Liabilities 12 changes

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

Trade accounts payable $ 907 832 $ 797

Client deposits 1,018 1,015 988

1 unchanged paragraph

Accrued taxes 290 368

Accrued interest 341 417

Accrued compensation and benefits 272 342 299

Accrued taxes 312 368

Accrued interest 184 417

1 unchanged paragraph

Operating lease liabilities 126 112 126

Accrued professional fees 145 178 161

Other accrued expenses 1,229 1,132 1,053

Total $ 4,707 4,435 $ 5,307

Note 10: Debt 19 changes

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

1 unchanged paragraph

Foreign lines of credit $ 618 641 $ 762

Finance lease and other financing obligations 589 613 477

Total short-term and current maturities of long-term debt $ 1,207 1,254 $ 1,239

26 unchanged paragraphs

U.S. dollar commercial paper notes — 1,063 326

Euro commercial paper notes 548 547 839

Revolving credit facility — 240 188

Unamortized discount and deferred financing costs ( 150 142 ) ( 169 )

Fair value hedge accounting adjustments (see Note 8) ( 22 99 ) —

Finance lease and other financing obligations 1,757 1,808 1,635

Total long-term debt $ 26,679 25,809 $ 27,758

The Company was in compliance with all financial debt covenants during the six nine months ended June September 30, 2026.

On June 23, 2026, the Company completed the public offering and issuance of € 1.0 billion of senior notes, comprised of € 500 million aggregate principal amount of 3.750 % senior notes due in October 2030 and € 500 million aggregate principal amount of 4.250 % senior notes due in June 2034. Interest on these senior notes is paid annually. The Company used the net proceeds from this senior notes offering, together with proceeds from the sale of U.S. dollar commercial paper and cash from operations, to purchase through a cash tender offer and open market repurchase a portion of its outstanding 5.150 % senior notes due in March 2027 (the "2027 notes") and 4.400 % senior notes due in July 2049 (the "2049 notes"). Upon expiration of the cash tender offer on June 23, 2026, $ 1.3 billion of aggregate principal amount net book value of the 2027 and 2049 notes was tendered and accepted for purchase for total consideration of $ 1.2 billion paid to holders. Additionally, on June 30, 2026, $ 28 million of aggregate principal amount net book value of the 2049 notes was retired through an open market repurchase for total consideration of $ 23 million paid to holders. The Company recorded a pre-tax gain on early debt extinguishment of $ 154 million in the second quarter of 2026 related to the cash tender offer and open market repurchase.

On July 1, During the third quarter of 2026, an additional $ 47 147 million of aggregate principal amount net book value of the 2049 notes was retired through an open market repurchase repurchases for total consideration of $ 38 118 million paid to holders. The Company expects to recognize recorded a pre-tax gain on early debt extinguishment of $ 29 million in the third quarter of 2026 related to this these open market repurchase. repurchases.

2 unchanged paragraphs

At June September 30, 2026, the 3.200 5.150 % senior notes due in July 2026, 5.150 March 2027, 2.250 % senior notes due in March June 2027, and 2.250 1.125 % senior notes due in June July 2027 were classified in the consolidated balance sheet as long-term, as the Company has the intent to refinance this debt on a long-term basis, and the ability to do so under its commercial paper program and revolving credit facility.

1 unchanged paragraph

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. There were no Outstanding borrowings under the U.S. dollar program at June 30, 2026. Outstanding borrowings under the U.S. dollar program were $ 1.06 billion and $ 326 million at September 30, 2026 and December 31, 2025, with a weighted average interest rate rates of 4.102 % and 3.851 %, respectively. Outstanding borrowings under the Euro program were $ 548 547 million and $ 839 million at June September 30, 2026 and December 31, 2025, with weighted average interest rates of 2.493 2.747 % and 2.210 %, 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.

1 unchanged paragraph

The Company maintains a senior unsecured multicurrency revolving credit facility, which 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. There were no Outstanding borrowings under the revolving credit facility at June 30, 2026. Outstanding borrowings under the revolving credit facility were $ 240 million and $ 188 million at December 31, 2025, with a corresponding interest rate of

September 30, 2026 and December 31, 2025, with corresponding interest rates of 4.895 % and 4.685 %, respectively. The 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.

4 unchanged paragraphs

June September 30, 2026 December 31, 2025 June September 30, 2026 December 31, 2025

Note 11: Equity 46 changes

The following tables provide changes in equity during the three and six nine months ended June September 30, 2026 and 2025:

1 unchanged paragraph

June September 30, 2026 Number of Shares Amount

2 unchanged paragraphs

Balance at March 31, 2026 784 251 $ 8 $ 23,211 $ ( 1,035 ) $ 27,626 $ ( 23,609 ) $ 20 $ 26,221

Net income 627 3 630

Other comprehensive income (loss) 52 ( 1 ) 51

Share-based compensation 117 117

Shares issued under stock plans — ( 21 ) 29 8

Purchases of treasury stock 2 ( 101 ) ( 101 )

1 unchanged paragraph

Net income (loss) ( 5,941 ) 2 ( 5,939 )

Distributions paid to noncontrolling interests ( 2 ) ( 2 )

Other comprehensive income (loss) ( 18 ) 2 ( 16 )

Share-based compensation 110 110

Shares issued under stock plans — ( 19 ) 24 5

Balance at September 30, 2026 784 253 $ 8 $ 23,398 $ ( 1,001 ) $ 22,312 $ ( 23,657 ) $ 24 $ 21,084

1 unchanged paragraph

June September 30, 2025 Number of Shares Amount

4 unchanged paragraphs

Balance at March 31, 2025 784 228 $ 8 $ 22,821 $ ( 1,187 ) $ 24,426 $ ( 20,184 ) $ 637 $ 26,521

Net income 1,026 4 1,030

Other comprehensive income (1)

Purchases of treasury stock 12 ( 2,196 ) ( 2,196 )

Balance at June 30, 2025 784 240 $ 8 $ 23,004 $ ( 901 ) $ 25,452 $ ( 22,348 ) $ 548 $ 25,763

Net income 792 7 799

Other comprehensive income (loss) ( 84 ) 2 ( 82 )

Share-based compensation 91 91 87 87

Shares issued under stock plans — ( 62 ) 32 ( 30 13 ) 22 9

Purchases of treasury stock 7 ( 1,039 ) ( 1,039 )

1 unchanged paragraph

Balance at June September 30, 2025 784 240 247 $ 8 $ 23,004 23,219 $ ( 901 985 ) $ 25,452 26,244 $ ( 22,348 23,365 ) $ 548 23 $ 25,763 25,144 (1) The Company acquired the remaining 19 49.9 % ownership interest in ICICI Merchant Services Private Limited, AIBMS, an India-based merchant acceptance business, Ireland-based payment solutions provider, during the three months ended June September 30, 2025. The Company previously held a majority controlling financial interest in this consolidated subsidiary (see Note 4).

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June September 30, 2026 Number of Shares Amount

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Net income 1,198 5 1,203

Other comprehensive income 1 — 1

Net income (loss) ( 4,743 ) 7 ( 4,736 )

Distributions paid to noncontrolling interests ( 2 ) ( 2 )

Other comprehensive (loss) income ( 17 ) 2 ( 15 )

Share-based compensation 235 235 345 345

Shares issued under stock plans ( 2 ) ( 188 207 ) 167 191 ( 21 16 )

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Balance at June 30, 2026 784 253 $ 8 $ 23,307 $ ( 983 ) $ 28,253 $ ( 23,681 ) $ 22 $ 26,926

Balance at September 30, 2026 784 253 $ 8 $ 23,398 $ ( 1,001 ) $ 22,312 $ ( 23,657 ) $ 24 $ 21,084

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June September 30, 2025 Number of Shares Amount

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Net income 1,877 1 1,878

Net income 2,669 8 2,677

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Purchases of treasury stock 22 ( 4,360 ) ( 4,360 )

Share-based compensation 215 215 302 302

Shares issued under stock plans ( 2 ) ( 445 458 ) 194 216 ( 251 242 )

Purchases of treasury stock 29 ( 5,399 ) ( 5,399 )

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Acquisition of noncontrolling interest of consolidated subsidiary (1)

Acquisition of noncontrolling interests of consolidated subsidiaries (1)

Balance at June September 30, 2025 784 240 247 $ 8 $ 23,004 23,219 $ ( 901 985 ) $ 25,452 26,244 $ ( 22,348 23,365 ) $ 548 23 $ 25,763 25,144 (1) The Company acquired the remaining 19 % ownership interest in ICICI Merchant Services Private Limited, an India-based merchant acceptance business, and the remaining 49.9 % ownership interest in AIBMS, an Ireland-based payment solutions provider, during the six nine months ended June September 30, 2025. The Company previously held a majority controlling financial interest in this each of these consolidated subsidiary subsidiaries (see Note 4).

Note 12: Accumulated Other Comprehensive Loss 31 changes

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Balance at March 31, 2026 $ ( 78 ) $ ( 952 ) $ ( 5 ) $ ( 1,035 )

Other comprehensive income (loss) before reclassifications ( 5 ) 36 — 31

Amounts reclassified from accumulated other comprehensive loss 21 — — 21

Net current-period other comprehensive income 16 36 — 52

Three Months Ended June September 30, 2026

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Balance at March 31, 2025 $ ( 73 ) $ ( 1,107 ) $ ( 7 ) $ ( 1,187 )

Other comprehensive income before reclassifications 1 282 — 283

Other comprehensive income (loss) before reclassifications 5 ( 34 ) — ( 29 )

Amounts reclassified from accumulated other comprehensive loss 3 11 — — 3 11

Net current-period other comprehensive income 4 282 (loss) 16 ( 286 34 ) — ( 18 )

Balance at September 30, 2026 $ ( 46 ) $ ( 950 ) $ ( 5 ) $ ( 1,001 )

Three Months Ended June September 30, 2025

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Other comprehensive loss before reclassifications ( 8 ) ( 79 ) — ( 87 )

Amounts reclassified from accumulated other comprehensive loss 3 — — 3

Net current-period other comprehensive income ( 5 ) ( 79 ) — ( 84 )

Balance at September 30, 2025 $ ( 74 ) $ ( 904 ) $ ( 7 ) $ ( 985 )

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Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

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Balance at June 30, 2026 $ ( 62 ) $ ( 916 ) $ ( 5 ) $ ( 983 )

Six Months Ended June 30, 2025

Other comprehensive loss before reclassifications ( 18 13 ) ( 8 42 ) — ( 26 55 )

Amounts reclassified from accumulated other comprehensive loss 27 38 — — 27 38

Net current-period other comprehensive income 9 (loss) 25 ( 8 42 ) — 1 ( 17 )

Balance at September 30, 2026 $ ( 46 ) $ ( 950 ) $ ( 5 ) $ ( 1,001 )

Nine Months Ended September 30, 2025

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Other comprehensive income before reclassifications 3 502 — 505

Balance at June 30, 2025 $ ( 69 ) $ ( 825 ) $ ( 7 ) $ ( 901 )

Other comprehensive income (loss) before reclassifications ( 5 ) 423 — 418

Amounts reclassified from accumulated other comprehensive loss 7 10 — — 7 10

Net current-period other comprehensive income 10 502 5 423 — 512 428

Balance at September 30, 2025 $ ( 74 ) $ ( 904 ) $ ( 7 ) $ ( 985 )

Note 13: Share-Based Compensation 17 changes

The Company recognized $ 117 110 million and $ 91 87 million of share-based compensation expense during the three months ended June September 30, 2026 and 2025, respectively, and $ 235 345 million and $ 215 302 million of share-based compensation expense during the six nine months ended June September 30, 2026 and 2025, respectively. 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. Time-based restricted stock units generally vest over a three-year period. In December 2025, the Company granted retention restricted stock units to certain employees, which fully vest after an 18-month period. At June September 30, 2026, the total remaining unrecognized compensation cost for restricted stock units and performance share units, net of estimated forfeitures, of $ 515 407 million is expected to be recognized over a weighted-average period of 1.9 1.8 years.

A summary of restricted stock unit and performance share unit activity during the six nine months ended June September 30, 2026 is as follows:

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Granted 7,922 63.97 1,177 66.68

Forfeited ( 628 ) 91.11 ( 815 ) 130.16

Vested ( 1,866 ) 146.93 ( 158 ) 161.01

Units - June 30, 2026

Granted 8,446 63.46 1,177 66.68

Forfeited ( 984 ) 86.28 ( 964 ) 122.78

Vested ( 2,000 ) 144.23 ( 158 ) 161.01

Units - September 30, 2026

A summary of stock option activity during the six nine months ended June September 30, 2026 is as follows:

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Forfeited ( 8 ) 88.13

Forfeited ( 11 ) 94.14

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Stock options outstanding - June 30, 2026 672 $ 96.11 3.11 $ —

Stock options exercisable - June 30, 2026 672 $ 96.11 3.11 $ —

Stock options outstanding - September 30, 2026 669 $ 96.05 2.86 $ —

Stock options exercisable - September 30, 2026 669 $ 96.05 2.86 $ —

Note 14: Income Taxes 30 changes

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June 30, Six Months Ended

September 30, Nine Months Ended

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Federal $ 160 $ 279 $ 159 $ 405

Foreign 75 75 115 140

Federal ( 89 ) ( 126 ) 82 ( 140 )

State ( 11 ) ( 17 ) ( 2 ) ( 21 )

Foreign ( 12 ) ( 35 ) ( 250 ) ( 54 )

Income tax provision $ 156 $ 246 $ 180 $ 436

Effective income tax rate 20.2 % 19.0 % 13.2 % 18.6 %

June 30, Six Months Ended

Federal $ 160 $ 428 $ 319 $ 833

Foreign 88 47 203 187

Federal ( 130 ) ( 300 ) ( 48 ) ( 440 )

State ( 17 ) ( 56 ) ( 19 ) ( 77 )

Foreign 5 ( 18 ) ( 245 ) ( 72 )

Income tax provision $ 137 $ 173 $ 317 $ 609

Effective income tax rate ( 2.4 ) % 17.9 % ( 7.1 ) % 18.4 %

The income tax provision as a percentage of income (loss) before income taxes and income (loss) from investments in unconsolidated affiliates was ( 2.4 )% and 17.9 % for the three months ended September 30, 2026 and 2025, respectively, and ( 7.1 )% and 18.4 % for the nine months ended September 30, 2026 and 2025, respectively. The effective income tax rate for the three and nine months ended September 30, 2026 included impacts from the impairment of non-deductible goodwill (see Note 1), along with the disposal of non-deductible goodwill associated with the disposition of businesses (see Note 4). The effective income tax rate for the nine months ended September 30, 2025 included discrete tax benefits from share-based awards, resulting in a lower effective income tax rate compared to the statutory income tax rate.

The income tax provision as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates was 20.2 % and 19.0 % for the three months ended June 30, 2026 and 2025, respectively, and 13.2 % and 18.6 % for the six months ended June 30, 2026 and 2025, respectively. The effective income tax rate for the six nine months ended June September 30, 2026 also included the impact of a $ 293 million benefit related to the release of a valuation allowance against certain foreign net operating loss carryforwards that were determined to be realizable during the first quarter of 2026. The Company monitors the realizability of deferred tax assets, taking into account all relevant factors, at each reporting period. This release was driven by a reevaluation of cumulative and future projected taxable income as a result of cross-border funding activities. This benefit was partially offset by a $ 39 million increase in U.S. federal unrecognized tax benefits for tax positions taken in prior years, $ 35 million in discrete tax expense from share-based awards and a $ 39 million increase in various other foreign valuation allowances during the first quarter of 2026. The net impact of these items resulted in a lower effective income tax rate compared to the statutory income tax rate. The effective income tax rate for the first six months ended June 30, 2025 included discrete tax benefits from share-based awards, resulting in a lower effective income tax rate compared to the statutory income tax rate.

Pursuant to provisions under the Inflation Reduction Act, the Company has purchased transferable federal tax credits from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit recorded for each of the six nine months ended June September 30, 2026 and 2025. 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.

The Company's potential liability for unrecognized tax benefits before interest and penalties was approximately $ 137 136 million and $ 97 million at June September 30, 2026 and December 31, 2025, respectively. The Company believes it is reasonably possible that the liability for unrecognized tax benefits may decrease by up to $ 3 million over the next 12 months as a result of possible closure of tax audits, audit settlements, and the lapse of the statutes of limitations in various jurisdictions.

As of June September 30, 2026, the Company's U.S. federal income tax returns for 2019 and through 2025, and tax returns in certain states and foreign jurisdictions for 2017 through 2025, remain subject to examination by taxing authorities.

15. Shares Used in Computing Net Income (Loss) Per Share Attributable to Fiserv, Inc.

The computation of shares used in calculating basic and diluted net income (loss) per share is as follows:

September 30, Nine Months Ended

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Common stock equivalents 1.1 1.9 1.1 2.6

Weighted-average common shares outstanding used for the calculation of net income (loss) attributable to Fiserv, Inc. per share - basic 531.8 540.2 532.9 550.8

Common stock equivalents — 1.6 — 2.2

Weighted-average common shares outstanding used for the calculation of net income (loss) attributable to Fiserv, Inc. per share - diluted 531.8 541.8 532.9 553.0

For the three months ended June September 30, 2026 and 2025, restricted stock units for 5.7 7.1 million and 1.2 1.3 million shares, respectively, were excluded from the calculation of weighted-average outstanding shares - diluted because their impact was anti-dilutive. For the six nine months ended June September 30, 2026 and 2025, restricted stock units for 4.5 5.9 million and 913 956 thousand shares, respectively, were excluded from the calculation of weighted-average outstanding shares - diluted because their impact was anti-dilutive.

Note 16: Cash Flow Information 7 changes

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Interest paid $ 769 $ 709

Treasury stock purchases settled after the balance sheet date — 18

Interest paid $ 1,236 $ 1,237

Net income taxes paid, including transferable federal tax credits 1,063 1,245 1,353 1,240

Software and other intangible assets obtained under financing arrangements 126 170 554

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Right-of-use assets obtained in exchange for lease liabilities - operating leases 223 28 276 32

Right-of-use assets obtained in exchange for lease liabilities - finance leases 450 259 597 763

Note 17: Commitments and Contingencies 6 changes

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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 $ 18 14 million and $ 25 million at June September 30, 2026 and December 31, 2025, respectively, related to its various legal proceedings. 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.

On June 12, 2026, an amended federal securities law complaint was filed against the Company and four former senior executives (Frank J. Bisignano, Michael P. Lyons, Robert W. Hau, and John Gibbons) in the United States District Court for the Southern District of New York. The amended complaint is brought on behalf of a putative class of purchasers of Company securities from February 6, 2024 to October 28, 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 amended complaint alleges, among other things, that certain statements made by the Company about the growth of its Clover business management platform and the impact of the Company's Argentina business on its organic growth were false and/or misleading and led to a decline in the Company's stock price over the purported class period. The Company and individual defendants jointly moved to dismiss the amended complaint on August 11, 2026. The action is captioned In re Fiserv, Inc. Securities Litigation , No. 1:25-cv-06094.

The Company intends to vigorously defend this action but cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

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 May 18, 2026 and June 3, 2026, respectively, these actions were consolidated and lead counsel was appointed. On February 27, 2026 and April 14, 2026, derivative complaints were filed by purported Company shareholders Scott Kracht, Karen Artman, and Jenny Zhang in the Wisconsin Circuit Court for Milwaukee County. On June 12, 2026, these actions were consolidated and lead counsel was appointed. 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 action. The actions also allege that certain individual defendants are liable for trading in Company stock at artificially inflated prices. The actions are stayed pending a decision on a forthcoming motion to dismiss in the In re Fiserv, Inc. Securities Litigation action.

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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.

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In connection with the Company's processing of electronic payments transactions, which are separate and distinct from the settlement payment transactions described in Note 1, 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 $ 1.3 1.1 billion and $ 1.7 billion at June September 30, 2026 and December 31, 2025, respectively.

2 unchanged paragraphs

Note 18: Business Segment Information 76 changes

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; software-as-a-service; POS devices; and pay-by-bank solutions. The business lines (operating segments) aggregated within the Merchant segment consist of the following:

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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, independent sales organizations, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.

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

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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 certain non-cash impairment charges; gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture disposition activity; expenses associated with the Company's One Fiserv transformation initiative; and postage reimbursements. and gains on early debt extinguishment associated with refinancing activities. The Company's One Fiserv action plan is a comprehensive, strategic initiative aimed to enhance client service, accelerate product development, address operational inefficiencies, and optimize capital management.

1 unchanged paragraph

The CODM uses reportable segment operating income (loss) 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 (loss), 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.

2 unchanged paragraphs

Product revenue 312 359

Reportable segment revenue $ 2,608 $ 2,355 $ 4,963

Three Months Ended June September 30, 2026

Processing and services revenue $ 2,296 2,237 $ 1,996 1,994

Product revenue 284 337

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and 66 more changes in the filing

Forward-looking statements 209 changes

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and 209 more changes in the filing

Market risk 2 changes

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and 2 more changes in the filing

Controls and procedures 2 changes

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and 2 more changes in the filing

Unregistered sales of stock 9 changes

and 9 more changes in the filing

Other information 1 change

and 1 more change in the filing

Exhibits 10 changes

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