Slides
Page 1
Third Quarter 2026 Financial Results November 3, 2026
Page 2
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, adjusted revenue growth, organic revenue, organic revenue growth, adjusted earnings per share, adjusted operating margin, fre e c ash flow conversion, adjusted effective tax rate, capital expenditures, and other statements regarding our future financial performance. Statements can generally be identified as forw ard - looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that desc rib e the company’s future plans, 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 materially 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 company's ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost - effect ive basis; changes in customer 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 sys tem ; losses due to chargebacks, refunds 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, nationa l a nd international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or in ternational hostilities, and the impact 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 imp rove its products and services and enhance its operations; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whol e; 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 pe ndi ng and future litigation and governmental proceedings; the company's ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits asso cia ted with the same; the impact of the company’s growth strategies; the company’s ability to repurchase its common stock, including the expected amount, timing, and funding of such repurchases; th e 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; the possibility that the company may be required to record non - cash goodwill impairment charges in future periods; and other factors included in “Risk Factors” in the company's Annual Report on Form 10 - K f or 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 con sid er these factors carefully in evaluating forward - looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any for ward - 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 third quarter financial results are provided in the appendix to this p res entation. Forward - Looking Statements and Non - GAAP Financial Measures
Page 3
• 3Q adjusted revenue performance in line with August 6 outlook • Financial Solutions returned to organic revenue growth in 3Q; YTD 25%+ improvement in core banking net attrition • Clover GPV 1 +11% Y/Y excluding gateway conversion; Clover processing revenue 2 +12% Y/Y • 4Q adjusted and organic revenue expected to return to growth • Reaffirming 2026 guidance • Project Elevate savings target raised to $1B, up from $500M • Accelerating capital return through $500M expected share repurchase in 4Q • Appointed Raj Seshadri to the Board effective November 30; Appointed 5 new Board members within the last year Key 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%. 2 “ Clover processing revenue” means r evenue from merchant payment processing and acquiring through the Clover platform.
Page 4
1Q 2Q 3Q Business Snapshots 13% 8% 14% 11% 12% 11% 9% 12% 11% 11% 26% 12% 6% 2% 1% 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26E Improvement in Core Banking Net Attrition 1 Stable Clover GPV and Processing Revenue 2 • YTD, losses improved by double - digit while wins increased by 50%+ • On track to return to historical attrition levels • Clover processing revenue consistently tracks GPV • Expecting total reported Clover revenue to return to double - digit revenue growth in 4Q >25% YTD improvement 1 Net attrition calculated based on annualized revenue from new clients less annualized revenue from lost clients. 2 All figures represent year over year growth. Return to double digit Y/Y growth 2025 Net Attrition $ 2026 Net Attrition $ Clover Processing Revenue Y/Y GPV E xcl. G ateway Y / Y Reported Clover Revenue Y/Y
Page 5
$ in millions, except per share amounts, unaudited. See Appendix for information regarding non - GAAP financial measures. 3Q26 Organic Revenue Change: 0% YTD: (3%) $4,919 $4,900 $4,675 $4,963 $4,852 3Q25 4Q25 1Q26 2Q26 3Q26 $2.04 $1.99 $1.79 $1.84 $1.75 3Q25 4Q25 1Q26 2Q26 3Q26 37.0% 34.9% 29.7% 31.8% 31.2% 3Q25 4Q25 1Q26 2Q26 3Q26 Company Financial Metrics Adjusted EPS Adjusted Operating Margin % Adjusted Revenue 3Q: (1 %) YTD: (3%) 3Q: (580 bps) YTD: (730 bps) 3Q: (14 %) YTD: ( 19 %)
Page 6
Merchant Solutions Highlights 37.2% 32.1% 26.4% 30.0% 28.7% 3Q25 4Q25 1Q26 2Q26 3Q26 $2,586 $2,538 $2,373 $2,608 $2,521 3Q25 4Q25 1Q26 2Q26 3Q26 1 “VAS” means value - added services. Clover Stats 10% - 15% GPV growth expected in 2026 excluding gateway conversion, consistent with prior outlook Expect double - digit Clover revenue growth in 4Q 3Q Clover revenue up 1% ; Clover processing revenue up 12% 3Q VAS 1 penetration of 23% vs 26% a year ago; excluding anticipation, VAS penetration stable $368 billion annualized 3Q GPV 3Q GPV up 11% overall excluding gateway conversion (9% reported) 2% Global Small Business volume growth, in line with 2Q 5% Enterprise transaction growth Other Merchant 3Q Stats Adjusted Operating Margin % Adjusted Revenue $ in millions, unaudited. See Appendix for information regarding non - GAAP financial measures. Adjusted Revenue Organic Revenue Business Line 3Q $ 3Q %∆ YTD %∆ 3Q %∆ YTD %∆ Small Business $1,713 (2%) (1%) (1%) (1%) Enterprise $561 (3%) (1%) (3%) - % Processing $247 (7%) (7%) (7%) (10%) Total $2,521 (3%) (1%) (2%) (2%)
Page 7
Financial Solutions Highlights 42.5% 42.2% 38.1% 38.7% 38.1% 3Q25 4Q25 1Q26 2Q26 3Q26 $2,333 $2,362 $2,302 $2,355 $2,331 3Q25 4Q25 1Q26 2Q26 3Q26 $ in millions, unaudited. See Appendix for information regarding non - GAAP financial measures. Adjusted Revenue Key 3Q Stats Banking Core accounts and positions including Finxact grew in the high - single - digits Improving net attrition in core banking Adjusted Revenue Organic Revenue Business Line 3Q $ 3Q %∆ YTD %∆ 3Q %∆ YTD %∆ Digital Payments $914 (3%) (4%) - % (3%) Issuing $840 5% (4%) 7% (3%) Banking $577 (3%) (5%) (5%) (7%) Total $2,331 - % (4%) 2% (4%) Issuing Accounts on File growth of 5% Key implementations went live Digital Payments Payment Platform transaction growth of 4% Consumer Payments transactions (1%) with accelerating Zelle transaction growth of 23% Adjusted Operating Margin %
Page 8
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 93% 91% Share Repurchases 3 Q26: No share repurchases during the quarter, expect to repurchase $500 million of shares in 4Q $6,601 $500 Trailing 12 months Trailing 12 months | $ millions 12 months ended 12 months ended Sept 2025 Sept 2026 Sept 2025 Sept 2026 Capital Expenditures 3 Q26: $ 482 million of capital expenditures Trailing 12 months | $ millions $1,720 $ 1,880 Sept 2025 Sept 2026 12 months ended 3 Q26: $679 million of free cash flow
Page 9
Reaffirm 2026 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. Key Financial Metrics 2026 Guidance Organic Revenue Growth (1%) – 0% Adjusted Revenue Growth (1.5%) – (0.5%) Adjusted Operating Margin 31% – 31.5% Adjusted EPS 1 $7.20 – $7.40 FCF Conversion (% of adjusted net income) 2 ~90%
Page 10
Appendix
Page 11
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,” “adjusted EBITDA,” “free cash flow,” and “free cash flow conversion.” Management believes that adjustments for certain non - cash or other items and the exclusion of certain pas s - through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors an d t rends affecting 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, capital expenditures a s a percentage of adjusted revenue, organic revenue, adjusted earnings per share, adjusted operating margin, adjusted effective tax rate, and free cash flow conversion, are desig ned 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 adjusted revenue out look excludes the impact of the company’s postage reimbursements. The company’s organic revenue outlook excludes the impact of foreign currency fluctuations, acquisitions, dis pos itions 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 Outloo k” 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 certain non - cash impai rment charges; non - cash intangible asset amortization expense associated with acquisitions; merger and integration costs; severance costs; certain transformation related expenses ass ociated with the company’s One Fiserv action plan; gains or losses from the disposition of businesses, certain assets and investments; net gains associated with early debt extinguishmen ts; 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 free cash flow conve rsi on 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 nine months ended September 30, 2026 and 2025 are presented on the subsequent pages of this appendix; however, they are not necessarily indicative of adjustments that may be incurred 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 l imited visibility of these items. Non - GAAP Financial Measures
Page 12
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. 3Q26 2Q26 1Q26 4Q25 3Q25 YTD26 YTD25 GAAP revenue $ 5,196 $ 5,292 $ 5,027 $ 5,284 $ 5,263 $ 15,515 $ 15,909 Adjustments: Postage reimbursements (344) (329) (352) (384) (344) (1,025) (1,005) Adjusted revenue $ 4,852 $ 4,963 $ 4,675 $ 4,900 $ 4,919 $ 14,490 $ 14,904 Operating income (loss) $ (5,494) $ 1,015 $ 918 $ 1,291 $ 1,436 $ (3,561) $ 4,527 Adjustments: Merger and integration costs 31 23 2 9 12 24 83 47 One Fiserv transformation program expenses 158 187 142 73 13 487 13 Severance costs 83 40 73 23 27 196 56 Amortization of acquisition - related intangible assets 297 315 311 310 322 923 994 Net gain on disposition of businesses and other asset activity (15) — (83) — — (98) — Goodwill impairment 6,452 — — — — 6,452 — Incremental executive compensation — — — — — — 52 Adjusted operating income $ 1,512 $ 1,580 $ 1,390 $ 1,709 $ 1,822 $ 4,482 $ 5,689 Operating margin (105.7) % 19.2 % 18.3 % 24.4 % 27.3 % (23.0) % 28.5 % Adjusted operating margin 31.2 % 31.8 % 29.7 % 34.9 % 37.0 % 30.9 % 38.2 %
Page 13
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Total Company GAAP revenue $ 5,196 $ 5,263 (1)% $ 15,515 $ 15,909 (2)% Postage reimbursements (344) (344) (1,025) (1,005) Adjusted revenue $ 4,852 $ 4,919 (1)% $ 14,490 $ 14,904 (3)% Currency impact 1 19 — 37 — Acquisition adjustments (19) — (102) — Disposition adjustments — (46) — (46) Organic revenue 2 $ 4,852 $ 4,873 — % $ 14,425 $ 14,858 (3)% Merchant Solutions GAAP revenue 3 $ 2,521 $ 2,586 (3)% $ 7,502 $ 7,602 (1)% Currency impact 1 15 — 39 — Acquisition adjustments (6) — (59) — Organic revenue 2 $ 2,530 $ 2,586 (2)% $ 7,482 $ 7,602 (2)% Financial Solutions GAAP revenue 3 $ 2,331 $ 2,333 — % $ 6,988 $ 7,302 (4)% Currency impact 1 4 — (2) — Acquisition adjustments (13) — (43) — Disposition adjustments — (46) — (46) Organic revenue 2 $ 2,322 $ 2,287 2% $ 6,943 $ 7,256 (4)% 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.
Page 14
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Corporate and Other GAAP revenue $ 344 $ 344 $ 1,025 $ 1,005 Postage reimbursements (344 ) (344) (1,025) (1,005) 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 dispositions, divided by adjusted revenue from the prior period excluding revenue attributab le to 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.
Page 15
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Small Business GAAP revenue 1 $ 1,713 $ 1,741 (2)% $ 5,082 $ 5,109 (1)% Currency impact 2 9 — 20 — Acquisition adjustments — — (35) — Organic revenue 3 $ 1,722 $ 1,741 (1)% $ 5,067 $ 5,109 (1)% Enterprise GAAP revenue 1 $ 561 $ 580 (3)% $ 1,657 $ 1,669 (1)% Currency impact 2 6 — 31 — Acquisition adjustments (6) — (19) — Organic revenue 3 $ 561 $ 580 (3)% $ 1,669 $ 1,669 — % Processing GAAP revenue 1 $ 247 $ 265 (7)% $ 763 $ 824 (7)% Currency impact 2 — — (12) — Acquisition adjustments — — (5) — Organic revenue 3 $ 247 $ 265 (7)% $ 746 $ 824 (10)% Total Merchant Solutions GAAP revenue 1 $ 2,521 $ 2,586 (3)% $ 7,502 $ 7,602 (1)% Currency impact 2 15 — 39 — Acquisition adjustments (6) — (59) — Organic revenue 3 $ 2,530 $ 2,586 (2)% $ 7,482 $ 7,602 (2)% 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.
Page 16
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Digital Payments GAAP revenue 1 $ 914 $ 939 (3)% $ 2,854 $ 2,985 (4)% Disposition adjustments — (29) — (29) Organic revenue 3 $ 914 $ 910 — % $ 2,854 $ 2,956 (3)% Issuing GAAP revenue 1 $ 840 $ 802 5% $ 2,393 $ 2,492 (4)% Currency impact 2 4 — 1 — Acquisition adjustments — — (3) — Disposition adjustments — (16) — (16) Organic revenue 3 $ 844 $ 786 7% $ 2,391 $ 2,476 (3)% Banking GAAP revenue 1 $ 577 $ 592 (3)% $ 1,741 $ 1,825 (5)% Currency impact 2 — — (3) — Acquisition adjustments (13) — (40) — Disposition adjustments — (1) — (1) Organic revenue 3 $ 564 $ 591 (5)% $ 1,698 $ 1,824 (7)% Total Financial Solutions GAAP revenue 1 $ 2,331 $ 2,333 — % $ 6,988 $ 7,302 (4)% Currency impact 2 4 — (2) — Acquisition adjustments (13) — (43) — Disposition adjustments — (46) — (46) Organic revenue 3 $ 2,322 $ 2,287 2% $ 6,943 $ 7,256 (4)% 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.
Page 17
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 dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositio ns.
Page 18
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Total Company GAAP Revenue $ 5,196 $ 5,263 (1)% $ 15,515 $ 15,909 (2)% Postage reimbursements (344) (344) (1,025) (1,005) Adjusted revenue $ 4,852 $ 4,919 (1)% $ 14,490 $ 14,904 (3)% Currency impact 1 19 — 37 — Acquisition adjustments (19) — (102) — Disposition adjustments — (46) — (46) Organic revenue 2 $ 4,852 $ 4,873 — % $ 14,425 $ 14,858 (3)% Argentina GAAP Revenue 3 $ 140 $ 199 $ 472 $ 595 Currency impact 1 17 — 113 — Organic revenue 2 $ 157 $ 199 (21)% $ 585 $ 595 (2)% Total Company, excluding Argentina GAAP Revenue, excluding Argentina $ 5,056 $ 5,064 $ 15,043 $ 15,314 Postage reimbursements (344) (344) (1,025) (1,005) Adjusted revenue, excluding Argentina $ 4,712 $ 4,720 — % $ 14,018 $ 14,309 (2)% Currency impact 1 2 — (76) — Acquisition adjustments (19) — (102) — Disposition adjustments — (46) — (46) Organic revenue, excluding Argentina 2 $ 4,695 $ 4,674 — % $ 13,840 $ 14,263 (3)% 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 dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositio ns. 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.
Page 19
Debt to Adjusted EBITDA 3Q26 2Q26 1Q26 4Q25 GAAP net income (loss) attributable to Fiserv $ (5,941) $ 627 $ 571 $ 811 GAAP interest, taxes, depreciation and amortization: Interest expense and other non - operating income / expense, net 337 39 4 32 5 329 Income tax provision 137 156 24 202 Depreciation and amortization 842 857 819 803 EBITDA $ (4,625) $ 2,034 $ 1,739 $ 2,145 Adjustments: Merger and integration costs 1 31 23 29 12 One Fiserv transformation program expenses 2 158 187 142 73 Severance costs 83 40 73 23 Net gain on disposition of businesses and other asset activity 3 (15) — (83 ) — Non wholly - owned entity activities 4 10 12 12 (40) Gain on early debt extinguishment 5 (29) (154) — — Goodwill impairment 6 6,452 — — — Share - based compensation 70 67 80 49 Adjusted EBITDA $ 2,135 $ 2,209 $ 1,992 $ 2,262 Debt $ 27,063 Trailing 12 - month GAAP net income (loss) attributable to Fiserv $ (3,932) Debt to trailing 12 - month GAAP net income (loss) attributable to Fiserv (6.9)x Trailing 12 - month adjusted EBITDA $ 8,598 Debt to trailing 12 - month adjusted EBITDA 3.1x $ in millions, unaudited. Footnotes relate to adjustments in the third quarter of 2026. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
Page 20
Debt to Adjusted EBITDA (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs i ncl ude $20 million of third - party professional service fees and $13 million of retention awards. 2 Represents costs associated with a multi - year transformation initiative focused on technology modernization, operational excelle nce and process reengineering enabled by artificial intelligence. This adjustment primarily includes technology infrastructure modernization costs of $80 million; third - party consu lting and advisory fees of $13 million; and incremental compensation expense, primarily associated with retention cash awards and restricted stock units granted to certain employees , o f $37 million. 3 Represents an aggregate net gain of $100 million on the sale of a 51% controlling preferred financial interest in the company ’s MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, as well as on the sale of the company’s student loan servicing business. The third quarter of 2026 a lso includes an $85 million impairment and other charge, recorded within selling, general and administrative expenses in the consolidated statements of income (loss), associated with ce rtain leased facilities. 4 Represents the company’s share of amortization of acquisition - related intangible assets at its unconsolidated affiliates. 5 Represents a gain on early debt extinguishment in connection with the company’s open market repurchases of a portion of its o uts tanding 5.150% senior notes due in March 2027 and 4.400% senior notes due in July 2049. 6 Represents a non - cash goodwill impairment charge 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.
Page 21
Adjusted Net Income and Adjusted EPS TTM 3Q26 3Q26 2Q26 1Q26 4Q25 TTM 3Q25 3Q25 2Q25 1Q25 4Q24 GAAP net income (loss) attributable to Fiserv $ (3,932) $ (5,941) $ 627 $ 571 $ 811 $ 3,607 $ 792 $ 1,026 $ 851 $ 938 Adjustments: Merger and integration costs 1 95 31 23 29 12 69 24 8 15 22 One Fiserv transformation program expenses 2 560 158 187 142 73 13 13 — — — Severance costs 219 83 40 73 23 136 27 14 15 80 Amortization of acquisition - related intangible assets 3 1,233 297 315 311 310 1,329 322 341 331 335 Net gain on disposition of businesses and other asset activity 4 (98) (15) — (83) — — — — — — Non wholly - owned entity activities 5 (23) 5 6 9 (43) 54 3 9 20 22 Net gain on early debt extinguishment 6 (156) (26) (130) — — — — — — — Impairment of equity method investments — — — — — 25 — — — 25 Non - cash settlement charge for terminated pension plans — — — — — 147 — — — 147 Gain on sale of investment (68) — — — (68) — — — — — Tax impact of adjustments 7 (290) (58) (86) (94) (52) (355) (76) (73) (74) (132) Goodwill impairment, net of tax 8 6,402 6,402 — — — — — — — — Incremental executive compensation — — — — — 52 — — 52 — Argentine Peso devaluation — — — — — 39 — 39 — — Adjusted net income $ 3,942 $ 936 $ 982 $ 958 $ 1,066 $ 5,116 $ 1,105 $ 1,364 $ 1,210 $ 1,437 $ in millions, unaudited. TTM is defined as trailing 12 - months. Footnotes relate to adjustments in the third quarter and first n ine months of 2026. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
Page 22
Adjusted Net Income and Adjusted EPS (cont.) 3Q26 2Q26 1Q26 4Q25 3Q25 YTD26 YTD25 GAAP earnings (loss) per share attributable to Fiserv - diluted $ (11.17) $ 1.17 $ 1.07 $ 1.51 $ 1.46 $ (8.90) $ 4.83 Adjustments - net of income taxes: Merger and integration costs 1 0.05 0.03 0.04 0.02 0.03 0.13 0.07 One Fiserv transformation program expenses 2 0.24 0.28 0.21 0.11 0.02 0.73 0.02 Severance costs 0.13 0.06 0.11 0.03 0.04 0.30 0.08 Amortization of acquisition - related intangible assets 3 0.45 0.47 0.47 0.46 0.48 1.39 1.45 Net gain on disposition of businesses and other asset activity 4 0.06 — (0.13) — — (0.06) — Non wholly - owned entity activities 5 0.01 0.01 0.01 (0.06) 0.01 0.03 0.05 Net gain on early debt extinguishment 6 (0.04) (0.20) — — — (0.24) — Gain on sale of investment — — — (0.09) — — — Goodwill impairment 8 12.04 — — — — 12.01 — Incremental executive compensation — — — — — — 0.09 Argentine Peso devaluation — — — — — — 0.07 Adjusted EPS $ 1.75 $ 1.84 $ 1.79 $ 1.99 $ 2.04 $ 5.38 $ 6.65 Change in GAAP earnings (loss) per share attributable to Fiserv (865) % (284) % Change in adjusted EPS (14) % (19) % Diluted shares used in computing GAAP earnings (loss) per share attributable to Fiserv 8 531.8 533.7 535.4 537.0 541.8 532.9 553.0 Diluted shares used in computing adjusted earnings per share attributable to Fiserv 8 533.6 533.7 535.4 537.0 541.8 534.2 553.0 Unaudited. Earnings (loss) per share is calculated using actual, unrounded amounts. Footnotes relate to adjustments in the th ird quarter and first nine months of 2026. See “Non - GAAP Financial Measures” slide for additional information regarding non - GAAP financial measures.
Page 23
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 $20 million and $41 million of third - party professional service fees and $13 million and $39 million of retention awards in the third quarter and first nine months of 2026. 2 Represents costs associated with a multi - year transformation initiative focused on technology modernization, operational excel lence and process reengineering enabled by artificial intelligence. This adjustment primarily includes technology infrastructure modernization costs of $80 million and $232 millio n; third - party consulting and advisory fees of $13 million and $74 million; and incremental compensation expense, primarily associated with retention cash awards and restricted stock units gra nte d to certain employees, of $37 million and $126 million in the third quarter and first nine months of 2026, respectively. 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 an aggregate net gain of $100 million in the third quarter of 2026 on the sale of a 51% controlling preferred fina nci al interest in the company’s MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, as well as on the sale of the company’s student loan servicing business. The third qu arter of 2026 also includes an $85 million impairment and other charge, recorded within selling, general and administrative expenses in the consolidated statements of income (loss), a sso ciated with certain leased facilities. The first nine months of 2026 includes a net gain of $83 million on the sale - leaseback of certain facilities. 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 cash tender offer in the second quarter of 20 26 and open market repurchases in the second and third quarters of 2026 of a portion of its outstanding 5.150% senior notes due in March 2027 and 4.400% senior notes due in July 20 49. This adjustment also includes the release of $4 million and $26 million, recorded within net interest expense in the consolidated statements of income (loss) in the third quarter and fi rst nine months of 2026, of unamortized losses originally recorded in accumulated other comprehensive loss associated with treasury lock agreements that had been designated as a cash flow hedg e o f the extinguished debt. 7 The tax impact of the above adjustments is calculated using a tax rate of 19.5%, which approximates the company’s anticipated an nual effective tax rate, exclusive of actual tax impacts of a $66 million net provision associated with the aggregate net gain on sale of businesses in the first nine months of 2026. See bel ow for a description of the tax impact associated with the non - cash goodwill impairment charge. 8 Represents a non - cash goodwill impairment charge, net of a $50 million tax benefit related to the impairment of tax - deductible g oodwill, 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. Adjusted earning s p er share also reflects the dilutive impact of potential common shares that were excluded from the calculation of GAAP diluted loss per share because their effect was anti - dilutive. Thi s adjustment includes an impact of $0.04 and $0.02 for the third quarter and first nine months of 2026, respectively, from the inclusion of these potential common shares.
Page 24
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 3Q26 3Q26 2Q26 1Q26 4Q25 TTM 3Q25 3Q25 2Q25 1Q25 4Q24 Net cash provided by operating activities $ 5,038 $ 1,012 $ 1,483 $ 599 $ 1,944 $ 6,339 $ 1,805 $ 1,665 $ 648 $ 2,221 Capital expenditures (1,880) (482) (498) (458 ) (442) (1,720) (507) (479) (335) (399) Adjustments: Distributions paid to noncontrolling interests and redeemable noncontrolling interest (10) (2) — — (8) (9) (2) — — (7) Distributions from unconsolidated affiliates included in cash flows from investing activities 48 15 4 4 25 18 4 13 — 1 Severance, merger and integration payments 238 77 76 46 39 182 39 11 69 63 One Fiserv transformation program payments 259 92 64 95 8 1 1 — — — Tax payments on adjustments (98) (33) (28) (27) (10) (36) (7) (5) (11) (13) Other — — — — — (7) 1 (31) — 23 Free cash flow $ 3,595 $ 679 $ 1,101 $ 259 $ 1,556 $ 4,768 $ 1,334 $ 1,174 $ 371 $ 1,889 Actual TTM 3Q26 3Q26 3Q25 GAAP net income (loss) attributable to Fiserv 1 $ (5,941) $ (3,932) $ 3,607 Ratio of net cash provided by operating activities to GAAP net income (loss) attributable to Fiserv (17) % (128) % 176 % Adjusted net income 1 $ 936 $ 3,942 $ 5,116 Free cash flow conversion 2 73 % 91 % 93 %
Page 25
Total Amortization 3Q26 3Q25 YTD26 YTD25 Acquisition - related intangible assets $ 297 $ 320 $ 923 $ 993 Capitalized software and other intangibles 222 192 651 556 Purchased software 57 49 162 152 Financing costs and debt discounts 1 1 12 36 34 Sales commissions 29 29 87 87 Deferred conversion costs 28 28 90 84 Total amortization $ 644 $ 630 $ 1,949 $ 1,906 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.
Page 26
Change 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%) Disposition 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 dispositions, divided by adjusted revenue from the prior period excluding revenue attributab le to dispositions.