Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results February 10, 2026 © 2026 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 adjusted and organic revenue growth, adju
Slide 3: Key Takeaways
Key Takeaways • Consistent progress and execution across One Fiserv initiatives • Q4 results and 2026 guidance in-line with October view • Stable, broad-based business activity trends across Merchant and Financial Solutions • 2025 Clover revenue growth 23% with GPV1 growth of 10% excluding the gatew
Slide 4: 2025 Results and 2026 Guidance in line with October view
2025 Results and 2026 Guidance in line with October view 2025 Key Financial Metrics 10/29/25 Annual Guidance Actual Organic Revenue Growth 3.5% – 4% 3.8% Adjusted Operating Margin Change ~(200) bps (200) bps Adjusted EPS 8.50 – 8.60 8.64 Free Cash Flow ~ 4.25B 4.44B Capital Expenditures ~ 1.8B 1.76B
Slide 5: Driving progress through One Fiserv action plan
Driving progress through One Fiserv action plan Operating with a client-first mindset to win • Increased client-facing resources and capacity • Accelerated investments to modernize our technology platforms new enterprise clients and grow average • Accelerated AI investments revenue per client (ARPC)
Slide 6: Company Financial Metrics
Company Financial Metrics Organic Revenue Growth: 4Q25 ~flat | Full-Year +3.8% Adjusted Revenue Adjusted Operating Margin % Adjusted EPS +4% -2% -200 19,804 bps 8.80 19,123 8.64 5,196 2.51 2.47 4,902 4,789 4,919 4,900 42.9% 39.6% 39.4% 37.8% 37.0% 37.4% 2.14 34.9% 2.04 1.99 4Q24 1Q25 2Q25 3Q25 4Q25
Slide 7: Full-Year Segment Financial Metrics
Full-Year Segment Financial Metrics Merchant Solutions Financial Solutions +6% Organic Revenue Growth +2% Organic Revenue Growth Adjusted Revenue Adjusted Operating Margin % Adjusted Revenue Adjusted Operating Margin % +5% -250 bps +2% -200 bps 10,140 9,631 37.0% 9,664 47.3% 34.5% 9,477 45.3% FY24 F
Slide 8: Merchant Solutions Highlights
Merchant Solutions Highlights Adjusted Revenue Adjusted Revenue Organic Revenue 2,644 2,586 4Q 4Q FY 4Q FY 2,499 2,538 Business Line Growth Growth Growth Growth 2,372 Small Business 1,686 3% 7% 2% 7% Enterprise 587 -2% 4% 1% 8% Processing 265 1% -2% -1% -3% Total 2,538 2% 5% 1% 6% 4Q24 1Q25 2Q25 3Q2
Slide 9: Financial Solutions Highlights
Financial Solutions Highlights Adjusted Revenue Adjusted Revenue Organic Revenue 2,401 2,417 2,552 2,362 4Q 4Q FY 4Q FY 2,333 Business Line Growth Growth Growth Growth Digital Payments 960 -1% 2% -1% 2% Issuing 792 -1% 6% -1% 5% Banking 610 -3% -2% -4% -3% Total 2,362 -2% 2% -2% 2% 4Q24 1Q25 2Q25 3Q
Slide 10: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow Capital Expenditures Free Cash Flow Share Repurchases Full-Year | millions Full-Year | millions Full-Year | billions 1,763 5,233 5.5 5.6 1,569 4,435 FY24 FY25 FY24 FY25 FY24 FY25 • 4Q25: 442 million of capital expenditures • 4Q25: 1.6 billion in free cash flow •
Slide 11: 2026 Guidance
2026 Guidance Key Financial Metrics 2026 Organic Revenue Growth 1% - 3% Adjusted Revenue Growth 1% - 3% Adjusted EPS 8.00 – 8.30 Other Financial Metrics Adjusted Operating Margin ~34% Free Cash Flow Conversion1 ~90% Capital Expenditures as a % of Revenue High single-digits See Appendix for informati
Slide 12: Appendix
Appendix a csah radi ate fiserv.
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: Adjusted Revenue and Adjusted Operating Income
Adjusted Revenue and Adjusted Operating Income Total Company 4Q25 3Q25 2Q25 1Q25 4Q24 FY25 FY24 Revenue 5,284 5,263 5,516 5,130 5,251 21,193 20,456 Adjustments: Postage reimbursements (384) (344) (320) (341) (349) (1,389) (1,333) Adjusted revenue 4,900 4,919 5,196 4,789 4,902 19,804 19,123 Operating
Slide 15: Adjusted Revenue and Adjusted Operating Income by Segment
Adjusted Revenue and Adjusted Operating Income by Segment Merchant Solutions Segment 4Q25 3Q25 2Q25 1Q25 4Q24 FY25 FY24 Revenue 2,538 2,586 2,644 2,372 2,499 10,140 9,631 Operating income 816 962 914 810 979 3,502 3,561 Operating margin 32.1 % 37.2 % 34.6 % 34.2 % 39.2 % 34.5 % 37.0 % Financial Solu
Slide 16: Adjusted and Organic Revenue by Segment
Adjusted and Organic Revenue by Segment Three Months Ended December 31, Year Ended December 31, 2025 2024 Growth 2025 2024 Growth Total Company Revenue 5,284 5,251 1% 21,193 20,456 4% Postage reimbursements (384) (349) (1,389) (1,333) Adjusted revenue 4,900 4,902 —% 19,804 19,123 4% Currency impact
Slide 17: Adjusted and Organic Revenue by Segment (cont.)
Adjusted and Organic Revenue by Segment (cont.) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Corporate and Other Revenue 384 351 1,389 1,348 Postage reimbursements (384) (349) (1,389) (1,333) Adjusted revenue — 2 — 15 Divestiture adjustments — (2) — (15) Organic revenu
Slide 18: Adjusted and Organic Revenue by Business Line
Adjusted and Organic Revenue by Business Line Three Months Ended December 31, Year Ended December 31, 2025 2024 Growth 2025 2024 Growth Small Business Revenue 1 1,686 1,638 3% 6,795 6,357 7% Currency impact 2 27 — 137 — Acquisition adjustments (48) — (154) — Organic revenue 3 1,665 1,638 2% 6,778 6,
Slide 19: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) Three Months Ended December 31, Year Ended December 31, 2025 2024 Growth 2025 2024 Growth Digital Payments Revenue 1, 4 960 975 (1)% 3,945 3,869 2% Issuing Revenue 1 792 796 (1)% 3,284 3,112 6% Currency impact 2 1 — 9 — Acquisition adjustments (5
Slide 20: 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 21: Organic Revenue Growth - Argentina Impact
Organic Revenue Growth - Argentina Impact Year Ended December 31, Year Ended December 31, Year Ended December 31, 2025 2024 Growth 2024 2023 Growth 2023 2022 Growth Total Company Revenue 21,193 20,456 20,456 19,093 19,093 17,737 Postage reimbursements (1,389) (1,333) (1,333) (1,247) (1,247) (1,149)
Slide 22: 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 23: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS 4Q25 3Q25 2Q25 1Q25 4Q24 FY25 FY24 GAAP net income attributable to Fiserv 811 792 1,026 851 938 3,480 3,131 Adjustments: Merger and integration costs 1 12 24 8 15 22 59 81 One Fiserv transformation program expenses 2 73 13 — — — 86 — Severance costs 23 27 14 15 8
Slide 24: Adjusted Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) 4Q25 3Q25 2Q25 1Q25 4Q24 FY25 FY24 GAAP EPS attributable to Fiserv - diluted 1.51 1.46 1.86 1.51 1.64 6.34 5.38 Adjustments - net of income taxes: Merger and integration costs 1 0.02 0.03 0.01 0.02 0.03 0.09 0.11 One Fiserv transformation program expenses
Slide 25: 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 in the fourth quarter and full year 2025 include 9 million and 21 million of third-party p
Slide 26: Free Cash Flow
Free Cash Flow 4Q25 4Q24 FY25 FY24 Net cash provided by operating activities 1,944 2,221 6,062 6,631 Capital expenditures (442) (399) (1,763) (1,569) Adjustments: Distributions paid to noncontrolling interests and redeemable noncontrolling interest (8) (7) (10) (55) Distributions from unconsolidated
Slide 27: Additional Information – Amortization Expense
Additional Information – Amortization Expense 4Q25 4Q24 FY25 FY24 Acquisition-related intangible assets 310 334 1,304 1,423 Capitalized software and other intangibles 201 167 757 631 Purchased software 51 57 203 232 Financing costs and debt discounts 12 10 46 43 Sales commissions 29 29 116 113 Defer
Slide 28: 2026 Performance Outlook
2026 Performance Outlook Growth 2026 Revenue 1% - 3% Postage reimbursements —% 2026 Adjusted revenue 1% - 3% Currency impact 1 0.5% Acquisition adjustments (0.5%) Divestiture adjustments 2 —% 2026 Organic revenue 3 1% - 3% See “Non-GAAP Financial Measures” slide for additional information regarding