v3.26.3
Business Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s operations are comprised of two reportable segments, the Merchant segment and the Financial segment. The businesses in the Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-service; POS devices; and pay-by-bank solutions. The business lines (operating segments) aggregated within the Merchant segment consist of the following:
•Small Business – provides products and services to small businesses and independent software vendors, including Clover®, the Company’s POS and business management platform for small business clients
•Enterprise – provides products and services to large businesses, including the Company’s integrated omnichannel operating system for enterprise clients
•Processing – provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants
The Company distributes the products and services in the Merchant segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, independent software vendors, independent sales organizations, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.
The businesses in the Financial segment provide products and services to financial institution, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions. The business lines (operating segments) aggregated within the Financial segment consist of the following:
•Digital Payments – provides debit card processing services; debit network services; security and fraud protection products; bill payment; person-to-person payments; and account-to-account transfers
•Issuing – provides credit card processing services; prepaid card processing services; card production services; print services; and government payment processing
•Banking – provides customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing

Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when management evaluates segment performance, such as certain non-cash impairment charges; gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and disposition activity; expenses associated with the Company’s One Fiserv transformation initiative; and postage reimbursements. The Company’s One Fiserv action plan is a comprehensive, strategic initiative aimed to enhance client service, accelerate product development, address operational inefficiencies, and optimize capital management.
The Company’s Chief Executive Officer, who is also the Company’s chief operating decision maker (“CODM”), assesses segment performance and makes strategic decisions on the allocation of resources. Additionally, the Company’s Chief Executive Officer provides oversight on business leadership and corporate strategy to the executive leadership team, who manages the day to day operations of the various business lines.
The CODM uses reportable segment operating income (loss) to evaluate segment performance and allocate resources, primarily during the annual budget and forecasting processes. The CODM regularly reviews variances between forecasted and actual results in assessing earnings (loss), operational efficiency and growth performance, and allocating resources including personnel and capital allocations, to each reportable segment. There are no intersegment revenues contained within the respective reportable segment revenues.
Operating results for each reportable segment were as follows:
Reportable Segments
(In millions)MerchantFinancialTotal
Three Months Ended September 30, 2026
Revenues:
Processing and services revenue$2,237 $1,994 
Product revenue284 337 
Reportable segment revenue$2,521 $2,331 $4,852 
Corporate and Other revenue (1)
344 
Total Company revenue$5,196 
Expenses:
Personnel expenses (2)
360 536 
Direct costs (3)
917 180 
Depreciation and amortization expense132 144 
Other operating expense (4)
195 129 
Allocations from Corporate and Other (5)
193 455 
Reportable segment operating income$724 $887 $1,611 
Corporate and Other operating loss (6)
(7,105)
Interest expense, net(333)
Gain on early debt extinguishment29 
Other expense, net (7)
(4)
Income (loss) before income taxes and income from investments in unconsolidated affiliates$(5,802)
Reportable Segments
(In millions)MerchantFinancialTotal
Three Months Ended September 30, 2025
Revenues:
Processing and services revenue$2,274 $1,999 
Product revenue312 334 
Reportable segment revenue$2,586 $2,333 $4,919 
Corporate and Other revenue (1)
344 
Total Company revenue$5,263 
Expenses:
Personnel expenses (2)
352 498 
Direct costs (3)
886 200 
Depreciation and amortization expense111 128 
Other operating expense (4)
120 162 
Allocations from Corporate and Other (5)
155 354 
Reportable segment operating income$962 $991 $1,953 
Corporate and Other operating loss (6)
(517)
Interest expense, net(422)
Other expense, net (7)
(50)
Income before income taxes and income (loss) from investments in unconsolidated affiliates$964 
Reportable Segments
(In millions)MerchantFinancialTotal
Nine Months Ended September 30, 2026
Revenues:
Processing and services revenue$6,641 $5,952 
Product revenue861 1,036 
Reportable segment revenue$7,502 $6,988 $14,490 
Corporate and Other revenue (1)
1,025 
Total Company revenue$15,515 
Expenses:
Personnel expenses (2)
1,079 1,602 
Direct costs (3)
2,735 550 
Depreciation and amortization expense386 430 
Other operating expense (4)
579 367 
Allocations from Corporate and Other (5)
592 1,363 
Reportable segment operating income$2,131 $2,676 $4,807 
Corporate and Other operating loss (6)
(8,368)
Interest expense, net(1,050)
Gain on early debt extinguishment183 
Other expense, net (7)
(6)
Income (loss) before income taxes and income from investments in unconsolidated affiliates$(4,434)
Reportable Segments
(In millions)MerchantFinancialTotal
Nine Months Ended September 30, 2025
Revenues:
Processing and services revenue$6,612 $6,010 
Product revenue990 1,292 
Reportable segment revenue$7,602 $7,302 $14,904 
Corporate and Other revenue (1)
1,005 
Total Company revenue$15,909 
Expenses:
Personnel expenses (2)
1,031 1,500 
Direct costs (3)
2,606 608 
Depreciation and amortization expense320 377 
Other operating expense (4)
470 338 
Allocations from Corporate and Other (5)
489 1,096 
Reportable segment operating income$2,686 $3,383 $6,069 
Corporate and Other operating loss (6)
(1,542)
Interest expense, net(1,118)
Other expense, net (7)
(107)
Income before income taxes and loss from investments in unconsolidated affiliates$3,302 
(1)Primarily includes postage reimbursements.
(2)Includes compensation and benefit costs of Company employees, as well as expenses paid to third parties for consulting and temporary help, net of capitalized software costs.
(3)Includes cost of goods sold, payments to distribution partners and other reselling costs.
(4)Includes data processing, facility, and marketing costs that are directly charged to the reportable segments. Includes in the Merchant
segment a gain of $89 million related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest in the third quarter and first nine months of 2025.
(5)Represents centrally-managed costs, including sales, technology and administrative expenses, that are allocated to the reportable segments from Corporate and Other and are considered in the CODM’s evaluation of segment performance.
(6)Includes amortization of acquisition-related intangible assets; costs associated with acquisition and disposition activity; unallocated corporate expenses; expenses associated with the Company’s One Fiserv transformation initiative; and gains or losses on sales of businesses and other assets. This amount also includes an aggregate non-cash goodwill impairment charge of $6.45 billion recorded in the third quarter of 2026 as a result of a triggering event associated with sustained decreases in the Company’s share price and market capitalization (see Note 1).
(7)Includes foreign currency transaction gains and losses, gains or losses from a sale or change in fair value of investments in certain equity securities, and amounts related to debt guarantee arrangements of certain equity method investments.

Other significant items include:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2026202520262025
Depreciation and amortization:
Merchant (1)
$150 $128 $440 $367 
Financial (1)
185 169 556 504 
Corporate and Other (2)
518 503 1,558 1,521 
Total Company$853 $800 $2,554 $2,392 
Capital expenditures, including capitalized software and other intangibles:
Merchant$186 $167 $506 $412 
Financial209 181 617 493 
Corporate and Other87 159 315 416 
Total Company$482 $507 $1,438 $1,321 
(1)Includes amortization associated with commissions, residual buyouts and deferred conversion/implementation costs included within personnel expenses, direct costs and other operating expenses, respectively, in the segment operating results tables above.
(2)Primarily includes amortization of acquisition-related intangible assets, such as customer relationships, software/technology and trade names.
The Company does not evaluate the performance of or allocate resources to its reportable segments using asset data.