Slide 1: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results July 23, 2025 © 2025 Fiserv, Inc. or its affiliates
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation 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
Slide 3: Second Quarter Highlights
Second Quarter Highlights • Adjusted Revenue of �5.2 billion, up 8% • Refined 2025 organic revenue growth guidance to approximately 10% and adjusted EPS to �10.15 - �10.30 • Organic Revenue Growth of 8% • Reiterated our �3.5 billion outlook for Clover revenue in 2025, with continued execution on our
Slide 4: Financial Metric Dashboard
Financial Metric Dashboard Organic Revenue Growth: 2Q25 +8% | YTD +8% Adjusted Revenue Adjusted Operating Margin % Adjusted EPS +8% | +7% +120 bps | +150 bps +16% | +15% �5,196 42.9% 40.2% 39.6% �2.51 38.4% 37.8% �2.47 �4,884 �4,902 �2.30 �4,794 �4,789 �2.13 �2.14 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24
Slide 5: Merchant Solutions
Merchant Solutions Adjusted Revenue Adjusted Revenue Organic Revenue �2,644 2Q 2Q YTD 2Q YTD �2,469 �2,499 �2,410 �2,372 Business Line � Growth Growth Growth Growth Small Business �1,774 11% 9% 9% 10% Enterprise �587 8% 8% 12% 12% Processing �283 7% -1% 5% -1% 2Q24 3Q24 4Q24 1Q25 2Q25 Total �2,644 1
Slide 6: Clover Volume Growth
Clover Volume Growth 1Q25 2Q25 2H25 est.3 FY25 est. Clover Reported 8% 8% 10%+ 9%+ Clover Excluding Gateway 10% 11% 12%+ 11%+ Conversion1 Gateway Impact2 2% – 3% 1Growth rate calculated by excluding the gateway conversion in both periods. 2Gateway impact was 2% in 1Q25, 3% in 2Q25, and expected to d
Slide 7: Financial Solutions
Financial Solutions Adjusted Revenue Adjusted Revenue Organic Revenue �2,379 �2,412 �2,401 �2,417 �2,552 2Q 2Q YTD 2Q YTD Business Line � Growth Growth Growth Growth Digital Payments �1,051 6% 7% 6% 7% Issuing �876 14% 11% 13% 10% Banking �625 0% 0% 0% 0% Total �2,552 7% 7% 7% 6% 2Q24 3Q24 4Q24 1Q25
Slide 8: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow Capital Expenditures Free Cash Flow Share Repurchases Investing in growth… while generating healthy cash flow… and returning value to shareholders. Trailing 12 months | � millions Trailing 12 months | � millions Trailing 12 months | � billions �6.9 �1,615 �5,299
Slide 9: Performance Outlook
Performance Outlook Key Financial Metrics Previous Updated Organic Revenue Growth 10% – 12% ~10% Adjusted EPS �10.10 – �10.30 �10.15 – �10.30 (15% – 17% growth) (15% – 17% growth) Other Financial Metrics Adjusted Operating Margin Expansion >125bps ~100bps Free Cash Flow ~�5.5B ~�5.5B See Appendix fo
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Use of Non-GAAP Financial Measures This presentation includes the following unaudited non-GAAP financial measures: “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjust
Slide 12: 2Q25 Revenue Details
2Q25 Revenue Details Merchant Financial Corporate Total Solutions Solutions and Other Company GAAP revenue �2,644 �2,552 �320 �5,516 Postage reimbursements - - (320) (320) Adjusted revenue �2,644 �2,552 �- �5,196 Currency impact (FX) 49 (2) - 47 Acquisitions and divestitures, net (55) (10) - (65) Or
Slide 13: Adjusted Revenue and Adjusted Operating Income
Adjusted Revenue and Adjusted Operating Income Total Company 2Q25 1Q25 4Q24 3Q24 2Q24 YTD25 YTD24 Revenue � 5,516 � 5,130 � 5,251 � 5,215 � 5,107 � 10,646 � 9,990 Adjustments: Postage reimbursements (320) (341) (349) (331) (313) (661) (653) Adjusted revenue � 5,196 � 4,789 � 4,902 � 4,884 � 4,794 �
Slide 14: Adjusted Revenue and Adjusted Operating Income by Segment
Adjusted Revenue and Adjusted Operating Income by Segment Merchant Solutions Segment 2Q25 1Q25 4Q24 3Q24 2Q24 YTD25 YTD24 Revenue � 2,644 � 2,372 � 2,499 � 2,469 � 2,410 � 5,016 � 4,663 Operating income � 914 � 810 � 979 � 931 � 882 � 1,724 � 1,651 Operating margin 34.6 % 34.2 % 39.2 % 37.7 % 36.6 %
Slide 15: Adjusted and Organic Revenue by Segment
Adjusted and Organic Revenue by Segment Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Growth 2025 2024 Growth Total Company Revenue � 5,516 � 5,107 8% � 10,646 � 9,990 7% Postage reimbursements (320) (313) (661) (653) Adjusted revenue � 5,196 � 4,794 8% � 9,985 � 9,337 7% Currency
Slide 16: Adjusted and Organic Revenue by Segment (cont.)
Adjusted and Organic Revenue by Segment (cont.) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Corporate and Other Revenue � 320 � 318 � 661 � 663 Postage reimbursements (320) (313) (661) (653) Adjusted revenue � — � 5 � — � 10 Divestiture adjustments — (5) — (10) Organic
Slide 17: Adjusted and Organic Revenue by Business Line
Adjusted and Organic Revenue by Business Line Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Growth 2025 2024 Growth Small Business Revenue 1 � 1,774 � 1,604 11% � 3,368 � 3,092 9% Currency impact 2 28 — 75 — Acquisition adjustments (49) — (57) — Organic revenue 3 � 1,753 � 1,604 9%
Slide 18: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Growth 2025 2024 Growth Digital Payments Revenue 1, 4 � 1,051 � 987 6% � 2,046 � 1,907 7% Issuing Revenue 1 � 876 � 766 14% � 1,690 � 1,527 11% Currency impact 2 (2) — 6 — Acquisitio
Slide 19: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS 2Q25 1Q25 4Q24 3Q24 2Q24 YTD25 YTD24 GAAP net income attributable to Fiserv � 1,026 � 851 � 938 � 564 � 894 � 1,877 � 1,629 Adjustments: Merger and integration costs 1 8 15 22 — 22 23 59 Severance costs 14 15 80 14 21 29 63 Amortization of acquisition-related int
Slide 20: Adjusted Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities include �3 million and �5 million of third-party professional service fees in the second q
Slide 21: Free Cash Flow
Free Cash Flow 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 Net cash provided by operating activities � 1,665 � 648 � 2,221 � 2,238 � 1,341 � 831 � 1,595 � 1,559 Capital expenditures (479) (335) (399) (402) (348) (420) (354) (355) Adjustments: Distributions paid to noncontrolling interests and — — (7) (7
Slide 22: Additional Information – Amortization Expense
Additional Information – Amortization Expense Total Amortization 2Q25 2Q24 YTD25 YTD24 Acquisition-related intangible assets � 342 � 371 � 673 � 744 Capitalized software and other intangibles 188 156 364 300 Purchased software 51 59 103 118 Financing costs and debt discounts 11 11 22 22 Sales commis
Slide 23: 2025 Performance Outlook - Organic Revenue Growth
2025 Performance Outlook - Organic Revenue Growth Growth 2025 Revenue 10.0% Postage reimbursements —% 2025 Adjusted revenue 10.0% Currency impact 1 1.0% Acquisition adjustments (1.0%) Divestiture adjustments 2 —% 2025 Organic revenue 3 ~10% See “Non-GAAP Financial Measures” for additional informatio
Slide 24: 2024 Adjusted Net Income and Adjusted EPS Reconciliation
2024 Adjusted Net Income and Adjusted EPS Reconciliation 2024 GAAP net income attributable to Fiserv � 3,131 Adjustments: Merger and integration costs 1 81 Severance costs 157 Amortization of acquisition-related intangible assets 2 1,420 Non wholly-owned entity activities 3 100 Impairment of equity
Slide 25: 2024 Adjusted Net Income and Adjusted EPS Reconciliation (cont.)
2024 Adjusted Net Income and Adjusted EPS Reconciliation (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include �23 million of third-party professional service fees
Slide 26: 2024 Adjusted Revenue and Adjusted Operating Income Reconciliation
2024 Adjusted Revenue and Adjusted Operating Income Reconciliation 2024 Revenue � 20,456 Adjustments: Postage reimbursements (1,333) 2024 Adjusted revenue � 19,123 2024 Operating income � 5,879 Adjustments: Merger and integration costs 81 Severance costs 157 Amortization of acquisition-related intan