Form 8-K

8-K — FISERV INC

Accession: 0000798354-26-000014

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000798354

SIC: 7389 (SERVICES-BUSINESS SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fi-20260505.htm (Primary)

EX-99.1 (fisvq126earningsrelease.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

May 5, 2026

Fiserv, Inc.

(Exact Name of Registrant as Specified in Charter)

Wisconsin 1-38962 39-1506125

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin 53203

(Address of Principal Executive Offices, Including Zip Code)

(262) 879-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 per share FISV The NASDAQ Stock Market LLC

1.125% Senior Notes due 2027 FISV27 The NASDAQ Stock Market LLC

1.625% Senior Notes due 2030 FISV30 The NASDAQ Stock Market LLC

3.000% Senior Notes due 2031 FISV31 The NASDAQ Stock Market LLC

4.500% Senior Notes due 2031 FISV31A The NASDAQ Stock Market LLC

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2026, Fiserv, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

EXHIBIT INDEX

Exhibit

Number Description

99.1

Press Release of Fiserv, Inc., dated May 5, 2026 (furnished pursuant to Item 2.02 of this Current Report on Form 8-K)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FISERV, INC.

Date: May 5, 2026 By: /s/ Paul M. Todd

Paul M. Todd

Chief Financial Officer

EX-99.1

Filename: fisvq126earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

News Release

For more information contact:

Media Relations:

Stacy Davidson

Chief Communications and Marketing Officer

Fiserv, Inc.

stacy.davidson@fiserv.com

Investor Relations:

Walter Pritchard

Senior Vice President, Investor Relations

Fiserv, Inc.

walter.pritchard@fiserv.com

For Immediate Release

Fiserv Reports First Quarter 2026 Results

GAAP revenue decrease of 2% and organic revenue decrease of 4%;

GAAP EPS decreased 29% and adjusted EPS decreased 16%;

Company affirms 2026 organic revenue growth outlook of 1% to 3%

and adjusted EPS outlook of $8.00 to $8.30

MILWAUKEE, May 5, 2026 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the first quarter of 2026.

First Quarter 2026 GAAP Results

GAAP revenue for the company was $5.03 billion in the first quarter of 2026, a decrease of 2% compared to the first quarter of 2025. GAAP revenue was flat in the Merchant Solutions segment and decreased 5% in the Financial Solutions segment in the first quarter of 2026 compared to the prior year period. GAAP earnings per share was $1.07 in the first quarter of 2026, a decrease of 29% compared to the first quarter of 2025.

GAAP operating margin was 18.3% in the first quarter of 2026 compared to 27.2% in the first quarter of 2025. GAAP operating margin in the Merchant Solutions segment was 26.4% in the first quarter of 2026 compared to 34.2% in the prior year period. GAAP operating margin in the Financial Solutions segment was 38.1% in the first quarter of 2026 compared to 47.5% in the prior year period. Net cash provided by operating activities was $599 million in the first quarter of 2026 compared to $648 million in the first quarter of 2025.

“During the first quarter, we remained in execution mode, delivering results in line with the expectations we shared in February,” said Mike Lyons, Chief Executive Officer of Fiserv. “Our team is focused on advancing the One Fiserv Action Plan and while significant work remains, we are encouraged by our progress. We look forward to providing more details on our strategy and medium-term financial outlook at our May 14th Investor Day.”

First Quarter 2026 Non-GAAP Results and Additional Information

•Adjusted revenue was $4.68 billion in the first quarter of 2026, a decrease of 2% compared to the prior year period.

News Release

•Organic revenue decreased 4% in the first quarter of 2026, with a 1% decline in the Merchant Solutions segment and a 6% decline in the Financial Solutions segment.

•Adjusted earnings per share was $1.79 in the first quarter of 2026, a decrease of 16% compared to the prior year period.

•Adjusted operating margin was 29.7% in the first quarter of 2026 compared to 37.8% in the first quarter of 2025.

•Adjusted operating margin was 26.4% and 34.2% in the Merchant Solutions segment and 38.1% and 47.5% in the Financial Solutions segment in the first quarter of 2026 and 2025, respectively.

•Free cash flow was $259 million in the first quarter of 2026 compared to $371 million in the prior year period.

•The company repurchased 3.3 million shares of common stock for $200 million in the first quarter of 2026.

•The first quarter of 2026 included a net $254 million income tax benefit related to the release of various foreign valuation allowances, partially offset by $74 million of other discrete tax items, resulting in an overall lower effective income tax rate.

•In March 2026, Fiserv was named one of America’s Most Innovative Companies by Fortune for the fourth consecutive year.

Outlook for 2026

Fiserv continues to expect organic revenue growth of 1% to 3% and adjusted earnings per share of $8.00 to $8.30 for 2026.

“First quarter results were supported by stable underlying account and volume trends,” said Paul Todd, Chief Financial Officer of Fiserv. “We remain confident in our full-year guidance and are encouraged by the progress we are making with productivity initiatives, including Project Elevate.”

Earnings Conference Call

The company will discuss its first quarter 2026 results in a live webcast at 7 a.m. CT on Tuesday, May 5, 2026. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV), a Fortune 500™ company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

News Release

Use of Non-GAAP Financial Measures

In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities, with “adjusted revenue,” “change in adjusted revenue,” “organic revenue,” “change in organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” “change in adjusted earnings per share,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity, and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See page 15 for additional information regarding the company’s forward-looking non-GAAP financial measures.

Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets or investments; and certain discrete tax benefits and expenses. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses.

The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Management believes organic revenue is useful because it presents revenue excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance.

News Release

These unaudited non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, objectives or goals are also forward-looking statements.

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

News Release

cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.

News Release

Fiserv, Inc.

Condensed Consolidated Statements of Income

(In millions, except per share amounts, unaudited)

Three Months Ended

March 31,

2026 2025

Revenue

Processing and services $ 4,070 $ 4,045

Product 957 1,085

Total revenue 5,027 5,130

Expenses

Cost of processing and services 1,610 1,389

Cost of product 697 684

Selling, general and administrative 1,885 1,682

Net gain on sale of assets (83) (20)

Total expenses 4,109 3,735

Operating income 918 1,395

Interest expense, net (347) (331)

Other income (expense), net 22 (18)

Income before income taxes and income (loss) from investments in unconsolidated affiliates

593 1,046

Income tax provision (24) (190)

Income (loss) from investments in unconsolidated affiliates

4 (8)

Net income 573 848

Less: net income (loss) attributable to noncontrolling interests 2 (3)

Net income attributable to Fiserv $ 571 $ 851

GAAP earnings per share attributable to Fiserv — diluted $ 1.07 $ 1.51

Diluted shares used in computing earnings per share attributable to Fiserv 535.4 564.7

Earnings per share is calculated using actual, unrounded amounts.

News Release

Fiserv, Inc.

Reconciliation of GAAP to

Adjusted Net Income and Adjusted Earnings Per Share

(In millions, except per share amounts, unaudited)

Three Months Ended

March 31,

2026 2025

GAAP net income attributable to Fiserv $ 571 $ 851

Adjustments:

Merger and integration costs 1

29 15

One Fiserv transformation program expenses 2

142 —

Severance costs 73 15

Amortization of acquisition-related intangible assets 3

311 331

Net gain on sale of assets 4

(83) —

Non wholly-owned entity activities 5

9 20

Tax impact of adjustments 6

(94) (74)

Incremental executive compensation 7

— 52

Adjusted net income $ 958 $ 1,210

GAAP earnings per share attributable to Fiserv - diluted $ 1.07 $ 1.51

Adjustments - net of income taxes:

Merger and integration costs 1

0.04 0.02

One Fiserv transformation program expenses 2

0.21 —

Severance costs 0.11 0.02

Amortization of acquisition-related intangible assets 3

0.47 0.47

Net gain on sale of assets 4

(0.13) —

Non wholly-owned entity activities 5

0.01 0.03

Incremental executive compensation 7

— 0.09

Adjusted earnings per share $ 1.79 $ 2.14

Change in GAAP earnings per share attributable to Fiserv

(29) %

Change in adjusted earnings per share

(16) %

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.

Earnings per share is calculated using actual, unrounded amounts.

1Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include $14 million of retention cash awards and $12 million of third-party professional service fees in the first quarter of 2026, and $11 million related to a legal settlement in the first quarter of 2025.

2Represents costs associated with a multi-year transformation initiative focused on operational excellence enabled by artificial intelligence, including process reengineering and technology infrastructure modernization. This adjustment is primarily comprised of third-party fees and also includes $41 million of incremental compensation expense primarily associated with retention cash awards and restricted stock units granted to certain employees.

3Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. See additional information on page 14 for an analysis of the company’s amortization expense.

4Represents a net gain on the sale-leaseback of certain facilities in the first quarter of 2026.

News Release

5Represents the company’s share of amortization of acquisition-related intangible assets at its unconsolidated affiliates.

6The tax impact of adjustments is calculated using a tax rate of 19.5% in both the first quarter of 2026 and 2025, which approximates the company’s anticipated annual effective tax rates.

7Represents incremental compensation expense associated with the transition of the company’s Chief Executive Officer (“CEO”), comprised of $40 million of former CEO non-cash share-based compensation and related employer payroll taxes, and a $12 million cash replacement award paid to the company’s new CEO appointed in 2025.

News Release

Fiserv, Inc.

Financial Results by Segment

(In millions, unaudited)

Three Months Ended

March 31,

2026 2025

Total Company

Revenue $ 5,027 $ 5,130

Adjustments:

Postage reimbursements (352) (341)

Adjusted revenue $ 4,675 $ 4,789

Operating income $ 918 $ 1,395

Adjustments:

Merger and integration costs 29 15

One Fiserv transformation program expenses 142 —

Severance costs 73 15

Amortization of acquisition-related intangible assets 311 331

Net gain on sale of assets

(83) —

Incremental executive compensation — 52

Adjusted operating income $ 1,390 $ 1,808

Operating margin 18.3 % 27.2 %

Adjusted operating margin 29.7 % 37.8 %

Merchant Solutions (“Merchant”) 1

Revenue $ 2,373 $ 2,372

Operating income $ 626 $ 810

Operating margin 26.4 % 34.2 %

Financial Solutions (“Financial”) 1

Revenue $ 2,302 $ 2,417

Operating income $ 877 $ 1,148

Operating margin 38.1 % 47.5 %

News Release

Fiserv, Inc.

Financial Results by Segment (cont.)

(In millions, unaudited)

Three Months Ended

March 31,

2026 2025

Corporate and Other

Revenue $ 352 $ 341

Adjustments:

Postage reimbursements (352) (341)

Adjusted revenue $ — $ —

Operating loss $ (585) $ (563)

Adjustments:

Merger and integration costs 29 15

One Fiserv transformation program expenses 142 —

Severance costs 73 15

Amortization of acquisition-related intangible assets 311 331

Net gain on sale of assets

(83) —

Incremental executive compensation

— 52

Adjusted operating loss $ (113) $ (150)

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.

Operating margin percentages are calculated using actual, unrounded amounts.

1For all periods presented in the Merchant and Financial segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the reportable segment GAAP measures presented.

News Release

Fiserv, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)

Three Months Ended

March 31,

2026 2025

Cash flows from operating activities

Net income $ 573 $ 848

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and other amortization 508 437

Amortization of acquisition-related intangible assets 311 331

Amortization of financing costs and debt discounts 12 11

Share-based compensation 118 124

Deferred income taxes (58) (37)

Net gain on sale of assets (83) (20)

(Income) loss from investments in unconsolidated affiliates (4) 8

Distributions from unconsolidated affiliates 8 10

Non-cash foreign currency exchange (gains) losses (21) 38

Other operating activities 15 9

Changes in assets and liabilities, net of effects from acquisitions:

Trade accounts receivable 108 (146)

Prepaid expenses and other assets (175) (465)

Contract costs (74) (72)

Accounts payable and other liabilities (606) (445)

Contract liabilities (33) 17

Net cash provided by operating activities 599 648

Cash flows from investing activities

Capital expenditures, including capitalized software and other intangibles (458) (335)

Proceeds from sale of assets 187 —

Merchant cash advances, net

66 (243)

Payments for acquisition of businesses, net of cash acquired — (316)

Distributions from unconsolidated affiliates 4 —

Purchases of investments (3) (32)

Proceeds from sale of investments 8 —

Other investing activities (5) 1

Net cash used in investing activities (201) (925)

Cash flows from financing activities

Debt proceeds 409 776

Debt repayments (633) (955)

Net borrowings from commercial paper and short-term borrowings 107 2,696

Proceeds from issuance of treasury stock 12 24

Purchases of treasury stock, including employee shares withheld for tax obligations (240) (2,352)

Settlement activity, net (578) 434

Other financing activities — 4

Net cash (used in) provided by financing activities (923) 627

Effect of exchange rate changes on cash and cash equivalents (27) 26

Net change in cash and cash equivalents (552) 376

Cash and cash equivalents, beginning balance 2,802 2,993

Cash and cash equivalents, ending balance $ 2,250 $ 3,369

News Release

Fiserv, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

March 31, December 31,

2026 2025

Assets

Cash and cash equivalents $ 829 $ 798

Trade accounts receivable – net 3,882 3,981

Prepaid expenses and other current assets 3,411 3,396

Settlement assets 16,660 16,479

Total current assets 24,782 24,654

Property and equipment – net 3,225 3,084

Customer relationships – net 4,828 5,093

Other intangible assets – net 5,154 5,068

Goodwill 37,602 37,703

Contract costs – net 1,056 1,039

Investments in unconsolidated affiliates 1,028 1,046

Other long-term assets 2,873 2,446

Total assets $ 80,548 $ 80,133

Liabilities and Equity

Accounts payable and other current liabilities $ 4,591 $ 5,307

Short-term and current maturities of long-term debt 1,323 1,239

Contract liabilities 844 865

Settlement obligations 16,660 16,479

Total current liabilities 23,418 23,890

Long-term debt 27,859 27,758

Deferred income taxes 1,688 1,478

Long-term contract liabilities 243 259

Other long-term liabilities 1,119 939

Total liabilities 54,327 54,324

Fiserv shareholders’ equity 26,201 25,792

Noncontrolling interests 20 17

Total equity 26,221 25,809

Total liabilities and equity $ 80,548 $ 80,133

News Release

Fiserv, Inc.

Selected Non-GAAP Financial Measures and Additional Information

(In millions, unaudited)

Organic Revenue 1

Three Months Ended

March 31,

2026 2025 Change

Total Company

Adjusted revenue

$ 4,675 $ 4,789

Currency impact 2

6 —

Acquisition adjustments

(64) —

Organic revenue

$ 4,617 $ 4,789 (4)%

Merchant

Adjusted revenue

$ 2,373 $ 2,372

Currency impact 2

12 —

Acquisition adjustments

(47) —

Organic revenue

$ 2,338 $ 2,372 (1)%

Financial

Adjusted revenue

$ 2,302 $ 2,417

Currency impact 2

(6) —

Acquisition adjustments

(17) —

Organic revenue

$ 2,279 $ 2,417 (6)%

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.

The change in organic revenue is calculated using actual, unrounded amounts.

1The change in organic revenue is measured as the change in adjusted revenue (see pages 9-10) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and any dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to any dispositions.

2Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.

News Release

Fiserv, Inc.

Selected Non-GAAP Financial Measures and Additional Information (cont.)

(In millions, unaudited)

Free Cash Flow Three Months Ended

March 31,

2026 2025

Net cash provided by operating activities

$ 599 $ 648

Capital expenditures

(458) (335)

Adjustments:

Distributions from unconsolidated affiliates included in cash flows from investing activities

4 —

Severance, merger and integration payments

46 69

One Fiserv transformation program payments 95 —

Tax payments on adjustments

(27) (11)

Free cash flow

$ 259 $ 371

Total Amortization 1

Three Months Ended

March 31,

2026 2025

Acquisition-related intangible assets $ 311 $ 331

Capitalized software and other intangibles 209 176

Purchased software 53 52

Financing costs and debt discounts 12 11

Sales commissions 29 28

Deferred conversion costs 30 27

Total amortization $ 644 $ 625

See pages 3-4 for disclosures related to the use of non-GAAP financial measures.

1The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.

News Release

Fiserv, Inc.

Full Year Forward-Looking Non-GAAP Financial Measures

Reconciliations of unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non-GAAP outlook measures. The company’s forward-looking non-GAAP financial measures for 2026, including organic revenue growth and adjusted earnings per share, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business.

Organic Revenue Growth - The company’s organic revenue growth outlook for 2026 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.

Growth

2026 Revenue 1% - 3%

Postage reimbursements —%

2026 Adjusted revenue 1% - 3%

Currency impact 0.5%

Acquisition adjustments (0.5)%

Divestiture adjustments —%

2026 Organic revenue 1% - 3%

Adjusted Earnings Per Share - The company’s adjusted earnings per share outlook for 2026 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets and investments; and certain discrete tax benefits and expenses.

The company estimates that amortization expense in 2026 with respect to acquired intangible assets will be relatively consistent with the amount incurred in 2025. Other adjustments to the company’s financial measures that were incurred for the three months ended March 31, 2026 and 2025 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred throughout the remainder of 2026 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items.

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v3.26.1

Cover Page

May 05, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

May 05, 2026

Entity Registrant Name

Fiserv, Inc.

Entity Incorporation, State or Country Code

Entity File Number

1-38962

Entity Tax Identification Number

39-1506125

Entity Address, Address Line One

600 N. Vel R. Phillips Avenue

Entity Address, City or Town

Milwaukee

Entity Address, State or Province

Entity Address, Postal Zip Code

53203

City Area Code

262

Local Phone Number

879-5000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0000798354

Amendment Flag

false

Common Stock, par value $0.01 per share

Entity Information [Line Items]

Title of 12(b) Security

Common Stock, par value $0.01 per share

Trading Symbol

FISV

Security Exchange Name

NASDAQ

1.125% Senior Notes due 2027

Entity Information [Line Items]

Title of 12(b) Security

1.125% Senior Notes due 2027

Trading Symbol

FISV27

Security Exchange Name

NASDAQ

1.625% Senior Notes due 2030

Entity Information [Line Items]

Title of 12(b) Security

1.625% Senior Notes due 2030

Trading Symbol

FISV30

Security Exchange Name

NASDAQ

3.000% Senior Notes due 2031

Entity Information [Line Items]

Title of 12(b) Security

3.000% Senior Notes due 2031

Trading Symbol

FISV31

Security Exchange Name

NASDAQ

4.500% Senior Notes due 2031

Entity Information [Line Items]

Title of 12(b) Security

4.500% Senior Notes due 2031

Trading Symbol

FISV31A

Security Exchange Name

NASDAQ

2.875% Senior Notes due 2028

Entity Information [Line Items]

Title of 12(b) Security

2.875% Senior Notes due 2028

Trading Symbol

FISV28C

Security Exchange Name

NASDAQ

3.500% Senior Notes due 2032

Entity Information [Line Items]

Title of 12(b) Security

3.500% Senior Notes due 2032

Trading Symbol

FISV32

Security Exchange Name

NASDAQ

4.000% Senior Notes due 2036

Entity Information [Line Items]

Title of 12(b) Security

4.000% Senior Notes due 2036

Trading Symbol

FISV36

Security Exchange Name

NASDAQ

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