Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results October 29, 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: Positioning Fiserv for Sustainable Growth
Positioning Fiserv for Sustainable Growth Completed • Unmatched size, scale, distribution, with leading software platforms, payment gateways, orchestration layers, and value-added solutions - #1 Global fintech Rigorous • Unique position at intersection of finance and commerce to serve an evolving pa
Slide 4: Third Quarter and YTD Results
Third Quarter and YTD Results • Adjusted Revenue: �4.9 billion in 3Q, up 1%; �14.9 billion • Announced strategic acquisitions, expanding capabilities in YTD, up 5% deposits, stablecoin, advisory services, and Clover VAS offerings with StoneCastle, Smith Consulting, and CardFree • Organic Revenue Gro
Slide 5: Financial Metric Dashboard
Financial Metric Dashboard Organic Revenue Growth: 3Q25 +1% | YTD +5% Adjusted Revenue Adjusted Operating Margin % Adjusted EPS +1% | +5% -320 bps | 0 bps -11% | +6% �5,196 42.9% 40.2% 39.6% �2.51 37.8% �2.47 �4,884 �4,902 �4,919 37.0% �2.30 �4,789 �2.14 �2.04 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25
Slide 6: Merchant Solutions
Merchant Solutions Adjusted Revenue Adjusted Revenue Organic Revenue �2,644 �2,586 3Q 3Q YTD 3Q YTD �2,469 �2,499 �2,372 Business Line � Growth Growth Growth Growth Small Business �1,741 7% 8% 6% 8% Enterprise �580 4% 7% 9% 11% Processing �265 -6% -3% -8% -4% 3Q24 4Q24 1Q25 2Q25 3Q25 Total �2,586 5%
Slide 7: Clover Volume Growth
Clover Volume Growth 1Q25 2Q25 3Q25 4Q25 est. Clover 8% 8% 8% 8% Reported Clover Excluding 10% 11% 11% 11% Gateway Conversion1 Gateway 2% 3% 3% 3% Impact 1Growth rate calculated by excluding the gateway conversion in both periods. Note: Growth rates include the impact of foreign currency fluctuation
Slide 8: Financial Solutions
Financial Solutions Adjusted Revenue Adjusted Revenue Organic Revenue �2,412 �2,401 �2,417 �2,552 �2,333 3Q 3Q YTD 3Q YTD Business Line � Growth Growth Growth Growth Digital Payments �939 -5% 3% -5% 3% Issuing �802 2% 8% 1% 7% Banking �592 -7% -2% -7%1 -2% Total �2,333 -3% 3% -3%2 3% 3Q24 4Q24 1Q25
Slide 9: Argentina's Contribution Fluctuates with Inflation & Interest Rates
Argentina’s Contribution Fluctuates with Inflation & Interest Rates Total Fiserv Organic Revenue Growth Fiserv Organic Revenue Growth Ex. Argentina ~16% ~12% Organic Revenue Growth ~6% ~6% ~5% ~3% FY23 FY24 YTD25 Argentina 211% 118% 22% Inflation1 Argentina 98% 58% 43% Interest Rate2 1. Annual infla
Slide 10: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow Capital Expenditures Free Cash Flow Share Repurchases Trailing 12 months | � millions Trailing 12 months | � millions Trailing 12 months | � billions �6.7 �1,720 �4,637 �4,768 �5.3 �1,524 12 months Sep 2024 Sep 2025 12 months Sep 2024 Sep 2025 12 months Sep 2024
Slide 11: Performance Outlook
Performance Outlook Key Financial Metrics 2025 Updated Organic Revenue Growth 3.5% - 4% Adjusted EPS �8.50 – �8.60 Other Financial Metrics Adjusted Operating Margin Change ~ (200) bps Free Cash Flow ~�4.25B See Appendix for information regarding non-GAAP financial measures.
Slide 12: Appendix
Appendix
Slide 13: 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 14: 3Q25 Revenue Details
3Q25 Revenue Details Merchant Financial Corporate Total Solutions Solutions and Other Company GAAP revenue �2,586 �2,333 �344 �5,263 Postage reimbursements - - (344) (344) Adjusted revenue �2,586 �2,333 �- �4,919 Currency impact (FX) 60 2 - 62 Acquisitions and divestitures, net (52) (4) - (56) Organ
Slide 15: Adjusted Revenue and Adjusted Operating Income
Adjusted Revenue and Adjusted Operating Income Total Company 3Q25 2Q25 1Q25 4Q24 3Q24 YTD25 YTD24 Revenue � 5,263 � 5,516 � 5,130 � 5,251 � 5,215 � 15,909 � 15,205 Adjustments: Postage reimbursements (344) (320) (341) (349) (331) (1,005) (984) Adjusted revenue � 4,919 � 5,196 � 4,789 � 4,902 � 4,884
Slide 16: Adjusted Revenue and Adjusted Operating Income by Segment
Adjusted Revenue and Adjusted Operating Income by Segment Merchant Solutions Segment 3Q25 2Q25 1Q25 4Q24 3Q24 YTD25 YTD24 Revenue � 2,586 � 2,644 � 2,372 � 2,499 � 2,469 � 7,602 � 7,132 Operating income � 962 � 914 � 810 � 979 � 931 � 2,686 � 2,582 Operating margin 37.2 % 34.6 % 34.2 % 39.2 % 37.7 %
Slide 17: Adjusted and Organic Revenue by Segment
Adjusted and Organic Revenue by Segment Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 Growth 2025 2024 Growth Total Company Revenue � 5,263 � 5,215 1% � 15,909 � 15,205 5% Postage reimbursements (344) (331) (1,005) (984) Adjusted revenue � 4,919 � 4,884 1% � 14,904 � 14,
Slide 18: Adjusted and Organic Revenue by Segment (cont.)
Adjusted and Organic Revenue by Segment (cont.) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Corporate and Other Revenue � 344 � 334 � 1,005 � 997 Postage reimbursements (344) (331) (1,005) (984) Adjusted revenue � — � 3 � — � 13 Divestiture adjustments — (3)
Slide 19: Adjusted and Organic Revenue by Business Line
Adjusted and Organic Revenue by Business Line Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 Growth 2025 2024 Growth Small Business Revenue 1 � 1,741 � 1,627 7% � 5,109 � 4,719 8% Currency impact 2 35 — 110 — Acquisition adjustments (49) — (106) — Organic revenue 3 � 1,72
Slide 20: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 Growth 2025 2024 Growth Digital Payments Revenue 1, 4 � 939 � 987 (5)% � 2,985 � 2,894 3% Issuing Revenue 1 � 802 � 789 2% � 2,492 � 2,316 8% Currency impact 2 2 — 8 — Acq
Slide 21: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) 1 For all periods presented, there were no adjustments to the GAAP revenue presented and thus the adjusted revenue is equal to the GAAP revenue. 2 Currency impact is measured as the increase or decrease in adjusted revenue for the current period
Slide 22: Organic Revenue Growth - Argentina Impact
Organic Revenue Growth - Argentina Impact Nine Months Ended September 30, Year Ended December 31, Year Ended December 31, 2025 2024 Growth 2024 2023 Growth 2023 2022 Growth Total Company Revenue � 15,909 � 15,205 � 20,456 � 19,093 � 19,093 � 17,737 Postage reimbursements (1,005) (984) (1,333) (1,247
Slide 23: Organic Revenue Growth - Argentina Impact (cont.)
Organic Revenue Growth - Argentina Impact (cont.) 1 Currency 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. 2 Organic revenue growth is meas
Slide 24: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS 3Q25 2Q25 1Q25 4Q24 3Q24 YTD25 YTD24 GAAP net income attributable to Fiserv � 792 � 1,026 � 851 � 938 � 564 � 2,669 � 2,193 Adjustments: Merger and integration costs 1 24 8 15 22 — 47 59 Severance costs 27 14 15 80 14 56 77 Amortization of acquisition-related int
Slide 25: Adjusted Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) 3Q25 2Q25 1Q25 4Q24 3Q24 YTD25 YTD24 GAAP EPS attributable to Fiserv - diluted � 1.46 � 1.86 � 1.51 � 1.64 � 0.98 � 4.83 � 3.74 Adjustments - net of income taxes: Merger and integration costs 1 0.03 0.01 0.02 0.03 — 0.07 0.08 Severance costs 0.04 0.02 0.0
Slide 26: 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 �7 million and �12 million of third-party professional service fees, as well as �1
Slide 27: Free Cash Flow
Free Cash Flow 3Q25 3Q24 YTD25 YTD24 Net cash provided by operating activities � 1,805 � 2,238 � 4,118 � 4,410 Capital expenditures (507) (402) (1,321) (1,170) Adjustments: Distributions paid to noncontrolling interests and redeemable noncontrolling interest (2) (7) (2) (48) Distributions from uncon
Slide 28: Free Cash Flow (cont.)
Free Cash Flow (cont.) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 Net cash provided by operating activities � 1,805 � 1,665 � 648 � 2,221 � 2,238 � 1,341 � 831 � 1,595 Capital expenditures (507) (479) (335) (399) (402) (348) (420) (354) Adjustments: Distributions paid to noncontrolling interests and (2
Slide 29: Additional Information – Amortization Expense
Additional Information – Amortization Expense Total Amortization 3Q25 3Q24 YTD25 YTD24 Acquisition-related intangible assets � 320 � 345 � 993 � 1,089 Capitalized software and other intangibles 192 164 556 464 Purchased software 49 57 152 175 Financing costs and debt discounts 12 11 34 33 Sales comm
Slide 30: 2025 Performance Outlook - Organic Revenue Growth
2025 Performance Outlook - Organic Revenue Growth Growth 2025 Revenue 3.5 - 4% Postage reimbursements —% 2025 Adjusted revenue 3.5 - 4% Currency impact 1 1% Acquisition adjustments (1%) Divestiture adjustments 2 —% 2025 Organic revenue 3 3.5 - 4% See “Non-GAAP Financial Measures” for additional info
Slide 31: 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