Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results May 5, 2026
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 execution and progress across One Fiserv initiatives. • 1Q’26 results and full-year 2026 guidance matched the February view. • Year-on-year revenue growth impacted by prior period comparables. • Stable business activity and macro backdrops across both segments. • 1Q’26 Clo
Slide 4: 1Q Results and 2026 Guidance in-line with February view
1Q Results and 2026 Guidance in-line with February view 1Q Key Financial Metrics 2/10/26 Commentary 1Q’26 Actual Adjusted Revenue Growth Down low-single digits YoY -2% Organic Revenue Growth ~1% lower than Adjusted ~1% lower than Adjusted Adjusted Operating Margin Just below 30% 29.7% Adjusted EPS 1
Slide 5: Driving progress through One Fiserv action plan
Driving progress through One Fiserv action plan Operating with a client-first mindset to win • New senior go-to-market hires in Merchant Solutions new enterprise clients and grow average • New operations leaders in Merchant Solutions and Financial Solutions • Steady progress in client coverage, serv
Slide 6: Company Financial Metrics
Company Financial Metrics Adjusted Revenue Adjusted Operating Margin % Adjusted EPS (2%) (810 bps) (16%) 5,196 39.6% 2.47 4,789 4,919 4,900 37.8% 37.0% 4,675 34.9% 2.14 2.04 1.99 29.7% 1.79 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1Q26 Organic Revenue Change (3.6%)
Slide 7: Merchant Solutions Highlights
Merchant Solutions Highlights Adjusted Revenue Organic Adjusted Revenue Revenue 2,644 2,586 2,538 Business Line 1Q Change Change 2,372 2,373 Small Business 1,609 1% -1% Enterprise 512 2% 3% Processing 252 -9% -14% Total 2,373 0% -1% 1Q25 2Q25 3Q25 4Q25 1Q26 Other Merchant Clover Stats 1Q Stats Adjus
Slide 8: Financial Solutions Highlights
Financial Solutions Highlights Adjusted Revenue Organic Adjusted Revenue Revenue 2,417 2,552 2,362 2,333 2,302 Business Line 1Q Change Change Digital Payments 947 -5% -5% Issuing 769 -5% -6% Banking 586 -4% -6% 1Q25 2Q25 3Q25 4Q25 1Q26 Total 2,302 -5% -6% Key 1Q Stats Adjusted Operating Margin % Cas
Slide 9: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow Capital Expenditures Free Cash Flow Conversion1 Share Repurchases Trailing 12 months | millions Trailing 12 months | % Trailing 12 months | billions 1,886 6.2 99% 96% 1,484 3.6 12 months 12 months 12 months ended March 2025 March 2026 ended March 2025 March 2026
Slide 10: 2026 Guidance
2026 Guidance Key Financial Metrics 2026 2026 As 2/10/26 As of 5/5/26 Organic Revenue Growth 1% - 3% 1% - 3% Adjusted Revenue Growth 1% - 3% 1% - 3% Adjusted EPS 8.00 – 8.30 8.00 – 8.30 Other Financial Metrics Adjusted Operating Margin ~34% ~34% Free Cash Flow Conversion1 ~90% ~90% Capital Expenditu
Slide 11: Appendix
Appendix fiserv.
Slide 12: 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,” “change in adjusted revenue,” “organic revenue,” “change in organic revenue,” “organic revenue growth,” “adjusted operating income,” “adj
Slide 13: Revenue and Adjusted Operating Income
Adjusted Revenue and Adjusted Operating Income Total Company 1Q26 4Q25 3Q25 2Q25 1Q25 GAAP revenue 5,027 5,284 5,263 5,516 5,130 Adjustments: Postage reimbursements (352) (384) (344) (320) (341) Adjusted revenue 4,675 4,900 4,919 5,196 4,789 Operating income 918 1,291 1,436 1,696 1,395 Adjustments:
Slide 14: Adjusted and Organic Revenue by Segment
Adjusted and Organic Revenue by Segment Three Months Ended March 31, 2026 2025 Change Total Company GAAP revenue 5,027 5,130 (2)% Postage reimbursements (352) (341) Adjusted revenue 4,675 4,789 (2)% Currency impact 1 6 — Acquisition adjustments (64) — Organic revenue 2 4,617 4,789 (3.6)% Merchant So
Slide 15: Adjusted and Organic Revenue by Segment (cont.)
Adjusted and Organic Revenue by Segment (cont.) Three Months Ended March 31, 2026 2025 Corporate and Other GAAP revenue 352 341 Postage reimbursements (352) (341) Adjusted revenue 4 — — in millions, unaudited. See “Non-GAAP Financial Measures” slide for additional information regarding non-GAAP fina
Slide 16: Adjusted and Organic Revenue by Business Line
Adjusted and Organic Revenue by Business Line Three Months Ended March 31, 2026 2025 Change Small Business GAAP revenue 1 1,609 1,594 1% Currency impact 2 6 — Acquisition adjustments (35) — Organic revenue 3 1,580 1,594 (1)% Enterprise GAAP revenue 1 512 502 2% Currency impact 2 14 — Acquisition adj
Slide 17: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) Three Months Ended March 31, 2026 2025 Change Digital Payments GAAP revenue 1, 4 947 995 (5)% Issuing GAAP revenue 1 769 814 (5)% Currency impact 2 (4) — Acquisition adjustments (3) — Organic revenue 3 762 814 (6)% Banking GAAP revenue 1 586 608
Slide 18: 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 GAAP revenue and thus adjusted revenue is equal to the GAAP revenue presented. 2 Currency impact is measured as the increase or decrease in adjusted revenue for the current period by apply
Slide 19: Organic Revenue - Argentina Impact
Organic Revenue - Argentina Impact Three Months Ended March 31, 2026 2025 Change Total Company Revenue 5,027 5,130 Postage reimbursements (352) (341) Adjusted revenue 4,675 4,789 Currency impact 1 6 — Acquisition adjustments (64) — Organic revenue 2 4,617 4,789 (4)% Argentina Revenue 3 174 194 Curre
Slide 20: Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS TTM 1Q26 1Q26 4Q25 3Q25 2Q25 TTM 1Q25 1Q25 4Q24 3Q24 2Q24 GAAP net income attributable to Fiserv 3,200 571 811 792 1,026 3,247 851 938 564 894 Adjustments: Merger and integration costs 1 73 29 12 24 8 59 15 22 — 22 One Fiserv transformation program expenses 2 228
Slide 21: Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) 1Q26 4Q25 3Q25 2Q25 1Q25 GAAP EPS attributable to Fiserv - diluted 1.07 1.51 1.46 1.86 1.51 Adjustments - net of income taxes: Merger and integration costs 1 0.04 0.02 0.03 0.01 0.02 One Fiserv transformation program expenses 2 0.21 0.11 0.02 — — Severanc
Slide 22: 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 primarily include 14 million of retention cash awards and 12 million of third-party profes
Slide 23: Effective Income Tax Rate
Adjusted Effective Income Tax Rate 1Q26 GAAP net income attributable to Fiserv 571 Adjustments 1 387 Adjusted net income 958 GAAP income tax provision 24 Tax impact on adjustments 1 94 Adjusted income tax provision 118 Adjusted pre-tax income 1,076 1Q26 results using anticipated adjusted annual effe
Slide 24: Free Cash Flow
Free Cash Flow TTM 1Q26 1Q26 4Q25 3Q25 2Q25 TTM 1Q25 1Q25 4Q24 3Q24 2Q24 Net cash provided by operating activities 6,013 599 1,944 1,805 1,665 6,448 648 2,221 2,238 1,341 Capital expenditures (1,886) (458) (442) (507) (479) (1,484) (335) (399) (402) (348) Adjustments: Distributions paid to noncontro
Slide 25: Additional Information – Amortization Expense
Additional Information – Amortization Expense Total Amortization 1Q26 1Q25 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
Slide 26: 2026 Performance Outlook
2026 Performance Outlook Growth 2026 GAAP 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 regar