Slides
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Second Quarter 2026 Financial Results August 6 , 2026 fiserv .
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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 revenue growth, organic revenue growth, adjusted earnings per share, adjusted operating margin, free cash flow, free cash flow conver sio n, adjusted effective tax rate, capital expenditures, and other statements regarding our future financial performance. Statements can generally be identified as forward - looking because they in clude words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future pla ns, outlook, objectives or goals are also forward - looking statements. Forward - looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materiall y from those contemplated by such forward - looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the comp any 's ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost - effective basis; changes in cus tomer demand for the company's products and services; the ability of the company's technology to keep pace with a rapidly evolving marketplace; the company's ability to successfully implement and achieve the expected benefits associated with its One Fiserv action plan; the success of the company's merchant alliances, some of which are not controlled by the company; the impact of a security br eac h or operational failure on the company's business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refun ds or returns as a result of fraud or the failure of the company's vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or politi cal conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the i mpa ct they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the company’s ability to use artificial intelligence to improve its products and services an d enhance its operations; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company's ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future li tigation and governmental proceedings; the company's ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; th e impact of the company’s growth strategies; the company’s ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company's Annual Report on Form 10 - K for the year ended December 31, 2025, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward - looking statements and are ca utioned not to place undue reliance on such statements. The company assumes no obligation to update any forward - looking statements, which speak only as of the date of this presentation. Use of Non - GAAP Financial Measures This presentation includes unaudited non - GAAP financial measures. Additional information about these measures, reconciliations t o the nearest GAAP financial measures and additional information about the basis of the presentation of our second quarter financial results are provided in the appendix to this pre sentation. Forward - Looking Statements and Non - GAAP Financial Measures
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• Adjusted revenue of $5.0bn, adjusted operating income of $1.6bn, and adjusted earnings per share of $1.84 in 2Q26 • 1H26 results ( - 3% Y/Y adjusted revenue, 31% adjusted operating margin) in - line with 1H26 May Investor Day view • Underlying transaction, volume and account metrics stable, including Clover GPV +11% excluding gateway conversion 1 • Strong free cash flow conversion; leverage ratio slightly improved quarter over quarter • Completion of MoneyPass Group jo int venture in August; Student Loan Servicing divestiture expected to close in third quarter • Signed agreement with Mastercard to integrate Commerce Hub with Mastercard’s Merchant Cloud, augmenting our commerce capabilities Key 2Q Takeaways Unaudited, see Appendix for information regarding non - GAAP financial measures. 1 “GPV” means gross payment volumes. 11% Clover GPV growth excluding all volume in the current and prior period associated with th e previously disclosed gateway conversion. Reported Clover GPV grew 9%.
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2Q Updates on One Fiserv Action Plan Operating with a client - first mindset to win new enterprise clients and grow average revenue per client (ARPC) • 70%+ reduction in client incidents in Financial Solutions • Merchant Solutions continues to operate at five 9s • Implemented further AI - based contact center capabilities across both Merchant Solutions and Financial Solutions Building the preeminent small business operating platform through Clover • 38 of top 100 U.S. FIs referring Clover • Continued progress across Investor Day initiatives (e.g. Clover Practice Pay) Creating differentiated, innovative and modern platforms • Strong quarter for new Finxact wins • Continued momentum with Commerce Hub, including agreement with Mastercard and strong enterprise pipeline Executing on Project Elevate • Full inventory of opportunities to drive at least $500 million in run - rate savings • Key initiatives in execution phase Employing disciplined capital allocation for the long - term • Completed the formation of the MoneyPass Group joint venture including our ATM businesses • Exited unprofitable SMB and fuel merchant segments in India • Expecting previously announced student loan servicing business divestiture to be completed in 3Q
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$ in millions, except per share amounts, unaudited. See Appendix for information regarding non - GAAP financial measures. 2Q26 Organic Revenue Change: (5 %) YTD: (4%) $5,196 $4,919 $4,900 $4,675 $4,963 2Q25 3Q25 4Q25 1Q26 2Q26 $2.47 $2.04 $1.99 $1.79 $1.84 2Q25 3Q25 4Q25 1Q26 2Q26 39.6% 37.0% 34.9% 29.7% 31.8% 2Q25 3Q25 4Q25 1Q26 2Q26 Company Financial Metrics Adjusted EPS Adjusted Operating Margin % Adjusted Revenue 2Q: (4 %) YTD: (3%) 2Q: (780 bps) YTD: (790 bps) 2Q: (26 %) YTD: (21%)
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Merchant Solutions Highlights 34.6% 37.2% 32.1% 26.4% 30.0% 2Q25 3Q25 4Q25 1Q26 2Q26 $2,644 $2,586 $2,538 $2,373 $2,608 2Q25 3Q25 4Q25 1Q26 2Q26 1 Lower hardware and data revenue negatively impacted 2Q26 Clover revenue by approximately 9%. Lower Argentina anticipation rev enu e negatively impacted 2Q26 Clover revenue by approximately 2%. 2 “VAS” means value - added services. 3 “GPV” means gross payment volume. Clover Stats 10% - 15% GPV growth expected in 2026 excluding gateway conversion, consistent with May outlook 2Q Clover revenue up 13% 1 , excluding impact of data, hardware, and Argentina anticipation; Total revenue up 2% 2Q VAS 2 penetration of 25% vs 24% a year ago VAS revenue up 10% $367 billion annualized 2Q GPV 3 2Q GPV up 1 1 % overall excluding gateway conversion ( 9 % reported) with strength globally 2 % Global Small Business volume growth 8 % Enterprise transaction growth Other Merchant 2Q Stats Adjusted Operating Margin % Adjusted Revenue $ in millions, unaudited. See Appendix for information regarding non - GAAP financial measures. Adjusted Revenue Organic Revenue Business Line 2Q $ 2Q %∆ YTD %∆ 2Q %∆ YTD %∆ Small Business $1,760 (1%) 0% 0% (1%) Enterprise $584 (1%) 1% 0% 2% Processing $264 (6%) (8%) (8%) (11%) Total $2,608 (1%) (1%) (1%) (1%)
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Financial Solutions Highlights 48.7% 42.5% 42.2% 38.1% 38.7% 2Q25 3Q25 4Q25 1Q26 2Q26 $2,552 $2,333 $2,362 $2,302 $2,355 2Q25 3Q25 4Q25 1Q26 2Q26 $ in millions, unaudited. See Appendix for information regarding non - GAAP financial measures. Adjusted Revenue Key 2Q Stats Banking Core accounts and positions including Finxact grew in the mid - single - digits Finxact continued to scale with steady growth in accounts and positions of >75% Adjusted Revenue Organic Revenue Business Line 2Q $ 2Q %∆ YTD %∆ 2Q %∆ YTD %∆ Digital Payments $993 (6%) (5%) (6%) (5%) Issuing $784 (10%) (8%) (10%) (8%) Banking $578 (8%) (6%) (10%) (8%) Total $2,355 (8%) (6%) (8%) (7%) Issuing Accounts on File growth of 4% Digital Payments Payment Platform transaction growth of 5% Consumer Payments - 1% with accelerating Zelle transaction growth of 23% offset by BillPay decline Adjusted Operating Margin %
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Capital Allocation and Free Cash Flow Unaudited, see Appendix for information regarding non - GAAP financial measures. 1 Free Cash Flow Conversion is defined as Free Cash Flow divided by Adjusted Net Income. Free Cash Flow Conversion 1 99% 103% Share Repurchases 2Q26: Repurchased 1.7 million shares for $ 100 million $6.9 $1.5 Trailing 12 months Trailing 12 months | $ billions 12 months ended 12 months ended June 2025 June 2026 June 2025 June 2026 Capital Expenditures 2Q26: $ 498 million of capital expenditures Trailing 12 months | $ millions $1,615 $1,905 June 2025 June 2026 12 months ended 2Q26: $1,101 million of free cash flow
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Updated Guidance See Appendix for information regarding non - GAAP financial measures. 1 E xpect Adjusted E ffective T ax R ate of 19% for 2026. 2 E xpect Capital Expenditures as a % of Adjusted Revenue in the high single - digits. 3 The company’s mediu m - term guidance for adjusted revenue growth is the compound annual growth rate (CAGR) for 2026 - 2029. Key Financial Metrics Previous (2026) Updated (2026) Medium - Term Outlook (2027 – 2029) Organic Revenue Growth 1% – 3% (1%) – 0% — Adjusted Revenue Growth 1% – 3% (1.5%) – (0.5%) 4% - 6% CAGR 3 Adjusted Operating Margin ~34% 31% – 31.5% ~50 bps annually + 200 bps+ of cumulative margin expansion from Project Elevate by 2029 Adjusted EPS 1 $8.00 – $8.30 $7.20 – $7.40 Double - digit annual growth FCF Conversion (% of adjusted net income) 2 ~90% ~90% ~90%
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Appendix
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Use of Non - GAAP Financial Measures This presentation includes the following unaudited non - GAAP financial measures: “adjusted revenue,” “change in adjusted revenue, ” “adjusted revenue growth,” “capital expenditures as a percentage of adjusted revenue,” “organic revenue,” “change in organic revenue,” “organic revenue growth,” “adjusted operatin g i ncome,” “adjusted operating margin,” “change in adjusted operating margin,” “adjusted effective tax rate,” “adjusted net income,” “adjusted earnings per share,” “change in adjusted e arn ings per share,” “free cash flow,” and “free cash flow conversion.” Management believes that adjustments for certain non - cash or other items and the exclusion of certain pass - through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affec tin g its business. Additional information about these measures and reconciliations to the nearest GAAP financial measures are provided in this appendix. Forward - Looking Non - GAAP Financial Measures Reconciliations of unaudited non - GAAP financial measures to the most comparable GAAP measures are included in this appendix, exc ept for forward - looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non - GAAP outlook measures. The company’s forward - looking non - GAAP financial measures for 2026, including adjusted revenue growth, capital expendi tures as a percentage of adjusted revenue, organic revenue growth, adjusted earnings per share, adjusted operating margin, adjusted effective tax rate, and free cash flow conve rsi on, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business. The company’s adj ust ed revenue growth outlook excludes the impact of the company’s postage reimbursements. The company’s organic revenue growth outlook excludes the impact of foreign currency fluctu ati ons, acquisitions, dispositions and the company’s postage reimbursements. Estimates of these impacts and adjustments on a forward - looking basis are presented on the slide titled “2026 Performance Outlook” and are subject to variability. The company’s adjusted earnings per share and adjusted operating margin outlooks exclude certain non - cash or other items such as non - cash intangible asset amortization expense associated with acquisitions; non - cash impairment charges; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets and investments; net gains associated with ea rly debt extinguishments; and certain discrete tax items. The company's adjusted operating margin outlook also excludes the impact of the company’s postage reimbursements. The company’s f ree cash flow outlook includes, but is not limited to, capital expenditures, distributions paid to noncontrolling interests, and distributions from unconsolidated affiliates and excludes s eve rance, merger, integration and certain transformation related payments associated with the company’s One Fiserv action plan. The company estimates that amortization expense in 2026 with r esp ect to acquired intangible assets will be relatively consistent with the amount incurred in 2025. Other adjustments to the company’s financial measures that were incurred for the th ree and six months ended June 30, 2026 and 2025 are presented on the subsequent pages of this appendix; however, they are not necessarily indicative of adjustments that may be i ncu rred throughout the remainder of 2026 or beyond. Estimates of these impacts and adjustments on a forward - looking basis are not available due to the variability, complexity and limited vis ibility of these items. Non - GAAP Financial Measures
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Adjusted Revenue and Adjusted Operating Income Total Company $ in millions, unaudited. Operating margin percentages are calculated using actual, unrounded amounts. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures. See “Adjusted Net Inco me and Adjusted EPS” slide for additional information regarding adjustments. 2Q26 1Q26 4Q25 3Q25 2Q25 YTD26 YTD25 GAAP revenue $ 5,292 $ 5,027 $ 5,284 $ 5,263 $ 5,516 $ 10,319 $ 10,646 Adjustments: Postage reimbursements (329) (352) (384) (344) (320) (681) (661) Adjusted revenue $ 4,963 $ 4,675 $ 4,900 $ 4,919 $ 5,196 $ 9,638 $ 9,985 Operating income $ 1,015 $ 918 $ 1,291 $ 1,436 $ 1,696 $ 1,933 $ 3,091 Adjustments: Merger and integration costs 23 29 12 24 8 52 23 One Fiserv transformation program expenses 187 142 73 13 — 329 — Severance costs 40 73 23 27 14 113 29 Amortization of acquisition - related intangible assets 315 311 310 322 34 1 626 672 Net gain on sale of assets — (83) — — — (83) — Incremental executive compensation — — — — — — 52 Adjusted operating income $ 1,580 $ 1,390 $ 1,709 $ 1,822 $ 2,059 $ 2,970 $ 3,867 Operating margin 19.2 % 18.3 % 24.4 % 27.3 % 30.7 % 18.7 % 29.0 % Adjusted operating margin 31.8 % 29.7 % 34.9 % 37.0 % 39.6 % 30.8 % 38.7 %
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Total Company GAAP revenue $ 5,292 $ 5,516 (4)% $ 10,319 $ 10,646 (3)% Postage reimbursements (329) (320) (681) (661) Adjusted revenue $ 4,963 $ 5,196 (4)% $ 9,638 $ 9,985 (3)% Currency impact 1 12 — 18 — Acquisition adjustments (19) — (83) — Organic revenue 2 $ 4,956 $ 5,196 ( 5 )% $ 9,573 $ 9,985 (4)% Merchant Solutions GAAP revenue 3 $ 2,608 $ 2,64 4 (1)% $ 4,981 $ 5,016 (1)% Currency impact 1 12 — 24 — Acquisition adjustments (6) — (53) — Organic revenue 2 $ 2,614 $ 2,644 (1)% $ 4,952 $ 5,016 (1)% Financial Solutions GAAP revenue 3 $ 2,355 $ 2,552 (8)% $ 4,657 $ 4,969 (6)% Currency impact 1 — — (6) — Acquisition adjustments (13) — (30) — Organic revenue 2 $ 2,342 $ 2,552 (8)% $ 4,621 $ 4,969 (7)% Adjusted and Organic Revenue by Segment $ in millions, unaudited. The change in revenue is calculated using actual, unrounded amounts. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Corporate and Other GAAP revenue $ 329 $ 320 $ 681 $ 661 Postage reimbursements (329) (320) (681) (661) Adjusted revenue 4 $ — $ — $ — $ — Adjusted and Organic Revenue by Segment (cont.) $ in millions, unaudited. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures. 1 Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period f ore ign currency exchange rates to present a constant currency comparison to prior periods. 2 The change in organic revenue is measured as the change in adjusted revenue for the current period excluding the impact of fo r eign currency fluctuations and revenue attributable to acquisitions and any dispositions, divided by adjusted revenue from the prior period excluding revenue attrib uta ble to any dispositions. 3 For all periods presented in the Merchant Solutions and Financial Solutions segments, there were no adjustments to GAAP reven ue and thus adjusted revenue is equal to the reportable segment GAAP revenue presented. 4 For all periods presented in Corporate and Other, there were no adjustments to adjusted revenue and thus organic revenue is e qua l to the adjusted revenue presented.
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Small Business GAAP revenue 1 $ 1,760 $ 1,774 (1)% $ 3,369 $ 3,368 — % Currency impact 2 5 — 11 — Acquisition adjustments — — (35) — Organic revenue 3 $ 1,765 $ 1,774 — % $ 3,345 $ 3,368 (1)% Enterprise GAAP revenue 1 $ 584 $ 587 (1)% $ 1,096 $ 1,089 1% Currency impact 2 11 — 25 — Acquisition adjustments (6) — (13) — Organic revenue 3 $ 589 $ 587 — % $ 1,108 $ 1,089 2% Processing GAAP revenue 1 $ 264 $ 283 (6)% $ 516 $ 559 (8)% Currency impact 2 (4) — (12 ) — Acquisition adjustments — — (5 ) — Organic revenue 3 $ 260 $ 283 (8)% $ 499 $ 559 (11)% Total Merchant Solutions GAAP revenue 1 $ 2,608 $ 2,644 (1)% $ 4,981 $ 5,016 (1)% Currency impact 2 12 — 24 — Acquisition adjustments (6) — (53) — Organic revenue 3 $ 2,614 $ 2,644 (1)% $ 4,952 $ 5,016 (1)% Adjusted and Organic Revenue by Business Line $ in millions, unaudited. The change in revenue is calculated using actual, unrounded amounts. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Digital Payments GAAP revenue 1, 4 $ 993 $ 1,051 (6)% $ 1,940 $ 2,046 (5)% Issuing GAAP revenue 1 $ 784 $ 876 (10)% $ 1,553 $ 1,690 (8)% Currency impact 2 1 — (3) — Acquisition adjustments — — (3) — Organic revenue 3 $ 785 $ 876 (10)% $ 1,547 $ 1,690 (8)% Banking GAAP revenue 1 $ 578 $ 625 (8)% $ 1,164 $ 1,233 (6)% Currency impact 2 (1) — (3) — Acquisition adjustments (13) — (27) — Organic revenue 3 $ 564 $ 625 (10)% $ 1,134 $ 1,233 (8)% Total Financial Solutions GAAP revenue 1 $ 2,355 $ 2,55 2 (8)% $ 4,657 $ 4,969 (6)% Currency impact 2 — — (6) — Acquisition adjustments (13) — (30) — Organic revenue 3 $ 2,342 $ 2,552 (8)% $ 4,621 $ 4,969 (7)% Adjusted and Organic Revenue by Business Line (cont.) $ in millions, unaudited. The change in revenue is calculated using actual, unrounded amounts. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
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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 p res ented. 2 Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period f o reign currency exchange rates to present a constant currency comparison to prior periods. 3 The change in organic revenue is measured as the change in adjusted revenue for the current period excluding the impact of fo rei gn currency fluctuations and revenue attributable to acquisitions and any dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to any di spo sitions. 4 For all periods presented, there were no adjustments to adjusted revenue and thus organic revenue is equal to the adjusted re ven ue presented.
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Total Company GAAP Revenue $ 5,292 $ 5,516 $ 10,319 $ 10,646 Postage reimbursements (329) (320) (681) (661) Adjusted revenue $ 4,963 $ 5,196 (4)% $ 9,638 $ 9,985 (3)% Currency impact 1 12 — 18 — Acquisition adjustments (19) — (83) — Organic revenue 2 $ 4,956 $ 5,196 (5)% $ 9,573 $ 9,985 (4)% Argentina GAAP Revenue 3 $ 158 $ 202 $ 332 $ 396 Currency impact 1 35 — 96 — Organic revenue 2 $ 193 $ 202 (5)% $ 428 $ 396 8% Total Company, excluding Argentina GAAP Revenue, excluding Argentina $ 5,134 $ 5,314 $ 9,987 $ 10,250 Postage reimbursements (329) (320) (681) (661) Adjusted revenue, excluding Argentina $ 4,805 $ 4,994 (4)% $ 9,306 $ 9,589 (3)% Currency impact 1 (23) — (78) — Acquisition adjustments (19) — (83) — Organic revenue, excluding Argentina 2 $ 4,763 $ 4,994 (5)% $ 9,145 $ 9,589 (5)% Organic Revenue - Argentina Impact $ in millions, unaudited. The change in revenue is calculated using actual, unrounded amounts. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures. 1 Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period f ore ign currency exchange rates to present a constant currency comparison to prior periods. 2 The change in organic revenue is measured as the change in adjusted revenue for the current period excluding the impact of fo r eign currency fluctuations and revenue attributable to acquisitions and any dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to any di spo sitions. 3 For all periods presented, there were no adjustments to GAAP revenue and thus adjusted revenue is equal to the GAAP revenue p r esented.
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Adjusted Net Income and Adjusted EPS TTM 2Q26 2Q26 1Q26 4Q25 3Q25 TTM 2Q25 2Q25 1Q25 4Q24 3Q24 GAAP net income attributable to Fiserv $ 2,801 $ 627 $ 571 $ 811 $ 792 $ 3,379 $ 1,026 $ 851 $ 938 $ 564 Adjustments: Merger and integration costs 1 88 23 29 12 24 45 8 15 22 — One Fiserv transformation program expenses 2 415 187 142 73 13 — — — — — Severance costs 163 40 73 23 27 123 14 15 80 14 Amortization of acquisition - related intangible assets 3 1,258 315 311 310 322 1,353 341 331 335 346 Net gain on sale of assets 4 (83) — (83) — — — — — — — Non wholly - owned entity activities 5 (25) 6 9 (43) 3 75 9 20 22 24 Net gain on early debt extinguishment 6 (130) (130) — — — — — — — — Impairment of equity method investments — — — — — 635 — — 25 610 Non - cash settlement charge for terminated pension plans — — — — — 147 — — 147 — Gain on sale of investment (68) — — (68) — — — — — — Tax impact of adjustments 7 (308) (86) (94) (52) (76) (512) (73) (74) (132) (233) Incremental executive compensation — — — — — 52 — 52 — — Argentine Peso devaluation — — — — — 39 39 — — — Adjusted net income $ 4,111 $ 982 $ 958 $ 1,066 $ 1,105 $ 5,336 $ 1,364 $ 1,210 $ 1,437 $ 1,325 $ in millions, unaudited. TTM is defined as trailing 12 - months. Footnotes relate to adjustments in the second quarter and first six months of 2026. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
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Adjusted Net Income and Adjusted EPS (cont.) 2Q26 1Q26 4Q25 3Q25 2Q25 YTD26 YTD25 GAAP EPS attributable to Fiserv - diluted $ 1.17 $ 1.07 $ 1.51 $ 1.46 $ 1.86 $ 2.24 $ 3.36 Adjustments - net of income taxes: Merger and integration costs 1 0.03 0.04 0.02 0.03 0.01 0.08 0.03 One Fiserv transformation program expenses 2 0.28 0.21 0.11 0.02 — 0.50 — Severance costs 0.06 0.11 0.03 0.04 0.02 0.17 0.04 Amortization of acquisition - related intangible assets 3 0.47 0.47 0.46 0.48 0.50 0.94 0.97 Net gain on sale of assets 4 — (0.13) — — — (0.13) — Non wholly - owned entity activities 5 0.01 0.01 (0.06) 0.01 0.01 0.02 0.04 Net gain on early debt extinguishment 6 (0.20) — — — — (0.20) — Gain on sale of investment — — (0.09) — — — — Incremental executive compensation — — — — — — 0.09 Argentine Peso devaluation — — — — 0.07 — 0.07 Adjusted EPS $ 1.84 $ 1.79 $ 1.99 $ 2.04 $ 2.47 $ 3.63 $ 4.61 YTD 2026 Change in GAAP EPS attributable to Fiserv (33) % YTD 2026 Change in adjusted EPS (21) % Unaudited. Earnings per share is calculated using actual, unrounded amounts. Footnotes relate to adjustments in the second qu art er and first six months of 2026. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
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Adjusted Net Income and Adjusted EPS (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs i nc lude $9 million and $21 million of third - party professional service fees and $12 million and $26 million of retention awards in the second quarter and first six months of 2026. 2 Represents costs associated with a multi - year transformation initiative focused on operational excellence enabled by artificia l intelligence, including process reengineering and technology infrastructure modernization. This adjustment is primarily comprised of third - party fees and also includes $48 million and $89 m illion of incremental compensation expense in the second quarter and first six months of 2026, primarily associated with retention cash awards and restricted stock units granted to c ert ain employees. 3 Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technol o gy and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized an d purchased software, financing costs and debt discounts. 4 Represents a net gain on the sale - leaseback of certain facilities in the first six months of 2026. 5 Represents the company’s share of amortization of acquisition - related intangible assets at its unconsolidated affiliates. 6 Represents a gain on early debt extinguishment in connection with the company’s June 2026 cash tender offer and open market r epu rchase of a portion of its outstanding 5.150% senior notes due March 2027 and 4.400% senior notes due July 2049. This adjustment also includes the release of $22 million, recorded with in net interest expense in the consolidated statements of income, of unamortized losses originally recorded in accumulated other comprehensive loss associated with treasury lock agree men ts that had been designated as a cash flow hedge of the extinguished debt. 7 The tax impact of adjustments is calculated using a tax rate of 19.5%, which approximates the company’s anticipated annual ef fec tive tax rate.
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Free Cash Flow $ in millions, unaudited. TTM is defined as trailing 12 - months. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures. 1 See “Adjusted Net Income and Adjusted EPS” slide for additional information regarding non - GAAP adjustments and TTM detail. 2 Free cash flow conversion is defined as free cash flow divided by adjusted net income. TTM 2Q26 2Q26 1Q26 4Q25 3Q25 TTM 2Q25 2Q25 1Q25 4Q24 3Q24 Net cash provided by operating activities $ 5,831 $ 1,483 $ 599 $ 1,944 $ 1,805 $ 6,772 $ 1,665 $ 648 $ 2,221 $ 2,238 Capital expenditures (1,905) (498) (458) (442 ) (507) (1,615) (479) (335) (399) (402) Adjustments: Distributions paid to noncontrolling interests and redeemable noncontrolling interest (10) — — (8) (2) (14) — — (7) (7) Distributions from unconsolidated affiliates included in cash flows from investing activities 37 4 4 25 4 34 13 — 1 20 Severance, merger and integration payments 200 76 46 39 39 163 11 69 63 20 One Fiserv transformation program payments 168 64 95 8 1 — — — — — Tax payments on adjustments (72) (28) (27) (10) (7) (33) (5) (11) (13) (4 ) Other 1 — — — 1 (8) (31) — 23 — Free cash flow $ 4,250 $ 1,101 $ 259 $ 1,556 $ 1,334 $ 5,299 $ 1,174 $ 371 $ 1,889 $ 1,865 Actual TTM 2Q26 2Q26 2Q25 GAAP net income attributable to Fiserv 1 $ 627 $ 2,801 $ 3,379 Ratio of net cash provided by operating activities to GAAP net income attributable to Fiserv 237 % 208 % 200 % Adjusted net income 1 $ 982 $ 4,111 $ 5,336 Free cash flow conversion 2 112 % 103 % 99 %
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Total Amortization 2Q26 2Q25 YTD26 YTD25 Acquisition - related intangible assets $ 315 $ 342 $ 626 $ 673 Capitalized software and other intangibles 220 188 429 364 Purchased software 52 51 105 103 Financing costs and debt discounts 13 11 25 22 Sales commissions 29 30 58 58 Deferred conversion costs 32 29 62 56 Total amortization $ 661 $ 651 $ 1,305 $ 1,276 Additional Information – Amortization Expense $ in millions, unaudited. The company adjusts its non - GAAP results to exclude amortization of acquisition - related intangible assets as such amounts are in consistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition - related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company exclud es amortization from acquisition - related intangible assets from its non - GAAP expenses, management believes that it is important for investors to understand that such intangible ass ets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future per iod s until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
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Growth 2026 GAAP revenue ( 1.5 %) - ( 0.5 %) Postage reimbursements 0% 2026 Adjusted revenue ( 1.5 %) - ( 0.5 %) Currency impact 1 0% Acquisition adjustments (0.5%) Divestiture adjustments 2 1 % 2026 Organic revenue 3 (1%) - 0% 2026 Performance Outlook See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures. 1 Currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior per iod foreign currency exchange rates to present a constant currency comparison to prior periods. 2 Reflects expected revenue adjustments attributable to dispositions. 3 The change in organic revenue is measured as the expected change in adjusted revenue for the period excluding the anticipated im pact of foreign currency fluctuations and revenue attributable to acquisitions and any dispositions, divided by adjusted revenue from the prior period excluding revenue attrib uta ble to any dispositions.