Annual Reports
Fiserv, Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Fiserv, Inc. — FY2025 Annual Report (Form 10-K) — FY2025
The first 10-K written under the One Fiserv reset: it restates what the business is, and books the margin cost of the change. · Open the full document →
Item 1. Business — Overview — p. 5 · Read the full section →
Management's own one-page definition of the company: two segments, mostly recurring processing fees, 84% of revenue in the U.S. and Canada.
What Fiserv sells and how durable the revenue is.
Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. […] Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. […] In 2025, we had $21.2 billion in total revenue, $5.8 billion in operating income and $6.1 billion of net cash provided by operating activities. Processing and services revenue, which in 2025 represented 80% of our total revenue, is primarily generated from account and transaction-based fees under multi-year contracts that generally have high renewal rates.
p. 5 · Read in context →
Merchant Solutions — p. 5 · Read the full section →
Clover and the small-business franchise are the growth engine of the larger segment; this is where the company describes what it is.
The Small Business line and where Clover is being pushed next.
We offer merchant acquiring solutions to enable small businesses to securely accept payment transactions online or in-person. […] We also offer small business owners advance access to capital, primarily through our Clover Capital program. We are growing Clover through new and expanded partnerships, industries and geographies. Our focus remains on high-growth industry verticals such as healthcare, e-commerce, and professional services, while maintaining a strong presence in restaurant and retail.
p. 7 · Read in context →
Financial Solutions — p. 8 · Read the full section →
The other half of the company: owned debit networks and issuer processing, plus the newer embedded-finance and stablecoin build.
Digital Payments: the issuer-side processing and network franchise.
We are a leading enabler of digital payment capabilities to financial institutions of all sizes, including solutions that help clients enable debit card processing services, peer-to-peer payments, account-to-account transfers, bill payment capabilities, and Automated Clearing House (“ACH”) and real-time payments. […] We provide debit card processing services, which include tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; ATM managed services and cash and logistics management; and risk management products.
p. 8 · Read in context →
How the embedded-finance stack is assembled, and the FIUSD stablecoin.
We have developed a comprehensive end-to-end embedded finance solution that supports various payment flows. This solution is built on a sophisticated ledger powered by Finxact to record transactions between buyers and sellers; an orchestration layer powered by Payfare to manage each transaction; and payment acceptance powered by Commerce Hub. Together, these components support all payment flows for payouts, returns, and reconciliations. […] We are building our stablecoin capabilities with the launch of FIUSD, embedded within our existing banking and payments ecosystem, which allows customers access to more efficient and interoperable digital asset service.
p. 10 · Read in context →
Item 1A. Risk Factors — Competitive and Business Risks — p. 21 · Read the full section →
Two Fiserv-specific risks: the One Fiserv plan may not pay off, and merchant volume runs partly through bank alliances it does not control.
"The One Fiserv action plan may not generate the benefits that we anticipate."
To successfully execute the plan, we must implement operational, technological and cultural changes across our organization, which may be difficult to do. In addition, although we have planned for a certain level of expense in implementing the plan, there are factors beyond our control that could cause the total amount or the timing of the expenses we may incur to be different than anticipated. As a result, the actual benefits of the plan may be less significant than anticipated. Furthermore, we may not be able to achieve expected benefits of the plan on our anticipated timeline or at all.
p. 23 · Read in context →
Dependence on bank merchant alliances — the structure that produced the Wells Fargo exit.
Under our alliance program, a bank or other institution forms an alliance with us, generally on an exclusive basis, either contractually or through a separate legal entity. […] Our merchant acquiring business depends, in part, on our merchant relationships, alliances and other distribution channels. There can be no guarantee that we will achieve growth in our merchant relationships, alliances or other distribution channels. In addition, our contractual arrangements with merchants and merchant alliance partners are for fixed terms and may allow for early termination upon the occurrence of certain events. There can be no assurance that we will be able to renew our contractual arrangements with these merchants or merchant alliance partners on similar terms or at all.
p. 24 · Read in context →
Item 1A. Risk Factors — Organizational and Financial Risks — p. 34 · Read the full section →
The two balance-sheet risks that carry real numbers: goodwill and intangibles at ~60% of assets, and roughly $29 billion of debt.
Leverage, and what management says it constrains.
At December 31, 2025, we had approximately $29 billion of debt. We and our subsidiaries may incur additional indebtedness in the future. Our indebtedness could: decrease our ability to obtain additional financing for working capital, capital expenditures, general corporate or other purposes; limit our flexibility to make acquisitions; increase our cash requirements to support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; limit our ability to return capital to shareholders, including through share repurchases; and increase our vulnerability to adverse changes in general economic and industry conditions.
p. 36 · Read in context →
Item 7. MD&A — One Fiserv Action Plan — p. 49 · Read the full section →
The strategy reset stated in management's own words, and dated to the third quarter of 2025.
Five pillars: enterprise client focus, Clover, embedded finance and stablecoin, AI-led efficiency, capital discipline.
In the third quarter of 2025, we launched the One Fiserv action plan designed to prioritize and enhance client focus across five strategic pillars. […] To advance this transformation, we are simplifying and standardizing processes, adopting new ways of working, and embedding AI to create a higher-quality, more productive business. This approach rethinks how business functions operate and aligns our product portfolio for the future.
p. 49 · Read in context →
Item 7. MD&A — Results of Operations — p. 59 · Read the full section →
Revenue grew 4% while operating margin fell 120 basis points; this is where management attributes the decline line by line.
Segment margin decline explained: distribution partner payments, data processing, vendor and personnel spend.
Total operating income decreased $61 million, or 1%, and total operating margin decreased 120 basis points to 27.5% in 2025 compared to 2024. […] Operating income in our Merchant segment decreased $59 million, or 2%, and operating margin decreased 250 basis points to 34.5% in 2025 compared to 2024. The decrease in operating income and operating margin in our Merchant segment in 2025 was primarily due to higher payments to distribution partners, along with higher data processing costs. […] Operating income in our Financial segment decreased $105 million, or 2%, and operating margin decreased 200 basis points to 45.3% in 2025 compared to 2024. The decrease in operating income and operating margin in our Financial segment in 2025 was primarily due to a higher level of vendor spend and personnel costs to improve client experience, partially offset by an increase in high margin data and analytics sales and license revenue.
p. 63 · Read in context →
Note 3. Revenue Recognition — p. 101 · Read the full section →
For a processor, the gross-versus-net judgment decides how large reported revenue is; the disaggregation table shows where it comes from.
The gross-versus-net judgment on third-party components embedded in Fiserv's offerings.
Technology or service components from third parties are frequently embedded in or combined with the Company’s applications or service offerings. Whether the Company recognizes revenue based on the gross amount billed to a customer or the net amount retained involves judgment that depends on the relevant facts and circumstances, including the level of contractual responsibilities and obligations for delivering solutions to end customers, to determine whether control of goods and services is obtained prior to their transfer to a customer.
p. 103 · Read in context →
Fiserv, Inc. — FY2024 Annual Report (Form 10-K) — FY2024
The edition on the other side of two changes: it created today's two-segment structure, and states the strategy One Fiserv replaced. · Open the full document →
Item 1. Business — Overview — p. 6 · Read the full section →
The Segment Realignment that collapsed three reportable segments into Merchant and Financial, with prior years recast.
The 2024 segment redefinition, in the words of the filing that made it.
Effective in the first quarter of 2024, we realigned our reportable segments to correspond with changes in our business designed to further enhance operational performance in the delivery of our integrated portfolio of products and solutions to our financial institution clients (the “Segment Realignment”). Our new reportable segments are the Merchant Solutions (“Merchant”) segment and the Financial Solutions (“Financial”) segment.
p. 6 · Read in context →
Our Strategy — p. 12 · Read the full section →
The pre-reset strategy — portfolio and franchise language, no action plan — worth reading against the FY2025 version.
Strategy as stated one year before One Fiserv.
We are focused on operating businesses where we have: deep industry expertise that enables us to serve the market with high effectiveness; a strong competitive position, currently or via a clear path in the foreseeable future; long-term, trusted client relationship that are based on recurring services and transactions; differentiated solutions that deliver value to our clients through integration and innovation; and strong management to execute strategies in a disciplined manner.
p. 12 · Read in context →
More annual reports
Fiserv, Inc. — FY2023 Annual Report (Form 10-K) — FY2023 · 174 pages · The last year reported under three segments — Merchant Acceptance, Financial Technology, and Payments and Network. · Open →
Fiserv, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 168 pages · Third full year after the First Data merger, with the integration synergy program still being reported on. · Open →
Fiserv, Inc. — FY2021 Annual Report (Form 10-K) — FY2021 · 181 pages · Earliest edition on file; useful as the baseline for revenue mix and leverage before the recent acquisition run. · Open →