FISERV INCFISV
FISERV INC Segments Disclosure
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; 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, 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; government payment processing; and student loan 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 gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture activity; certain services revenue associated with various dispositions; expenses associated with the Company’s transformation initiative focused on operational excellence; and postage reimbursements.
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 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, 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) | Merchant | Financial | Total | ||||||||||||||
Year Ended December 31, 2025 | |||||||||||||||||
| Revenues: | |||||||||||||||||
| Processing and services revenue | $ | 8,866 | $ | 8,013 | |||||||||||||
| Product revenue | 1,274 | 1,651 | |||||||||||||||
| Reportable segment revenue | $ | 10,140 | $ | 9,664 | $ | 19,804 | |||||||||||
Corporate and Other revenue (1) | 1,389 | ||||||||||||||||
| Total Company revenue | $ | 21,193 | |||||||||||||||
| Expenses: | |||||||||||||||||
Personnel expenses (2) | 1,385 | 2,025 | |||||||||||||||
Direct costs (3) | 3,488 | 810 | |||||||||||||||
| Depreciation and amortization expense | 438 | 510 | |||||||||||||||
Other operating expense (4) | 682 | 490 | |||||||||||||||
Allocations from Corporate and Other (5) | 645 | 1,449 | |||||||||||||||
| Reportable segment operating income | $ | 3,502 | $ | 4,380 | $ | 7,882 | |||||||||||
Corporate and Other operating loss (6) | (2,064) | ||||||||||||||||
| Interest expense, net | (1,493) | ||||||||||||||||
Other expense, net (7) | (61) | ||||||||||||||||
Income before income taxes and income from investments in unconsolidated affiliates | $ | 4,264 | |||||||||||||||
| Reportable Segments | |||||||||||||||||
| (In millions) | Merchant | Financial | Total | ||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||
| Revenues: | |||||||||||||||||
| Processing and services revenue | $ | 8,557 | $ | 8,065 | |||||||||||||
| Product revenue | 1,074 | 1,412 | |||||||||||||||
| Reportable segment revenue | $ | 9,631 | $ | 9,477 | $ | 19,108 | |||||||||||
Corporate and Other revenue (1) | 1,348 | ||||||||||||||||
| Total Company revenue | $ | 20,456 | |||||||||||||||
| Expenses: | |||||||||||||||||
Personnel expenses (2) | 1,298 | 1,949 | |||||||||||||||
Direct costs (3) | 3,164 | 748 | |||||||||||||||
| Depreciation and amortization expense | 367 | 465 | |||||||||||||||
Other operating expense (4) | 592 | 367 | |||||||||||||||
Allocations from Corporate and Other (5) | 649 | 1,463 | |||||||||||||||
| Reportable segment operating income | $ | 3,561 | $ | 4,485 | $ | 8,046 | |||||||||||
Corporate and Other operating loss (6) | (2,167) | ||||||||||||||||
| Interest expense, net | (1,195) | ||||||||||||||||
Other expense, net (7) | (178) | ||||||||||||||||
| Income before income taxes and loss from investments in unconsolidated affiliates | $ | 4,506 | |||||||||||||||
| Reportable Segments | |||||||||||||||||
| (In millions) | Merchant | Financial | Total | ||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||
| Revenues: | |||||||||||||||||
| Processing and services revenue | $ | 7,637 | $ | 7,970 | |||||||||||||
| Product revenue | 1,085 | 1,131 | |||||||||||||||
| Reportable segment revenue | $ | 8,722 | $ | 9,101 | $ | 17,823 | |||||||||||
Corporate and Other revenue (1) | 1,270 | ||||||||||||||||
| Total Company revenue | $ | 19,093 | |||||||||||||||
| Expenses: | |||||||||||||||||
Personnel expenses (2) | 1,321 | 2,010 | |||||||||||||||
Direct costs (3) | 2,906 | 780 | |||||||||||||||
| Depreciation and amortization expense | 328 | 404 | |||||||||||||||
Other operating expense (4) | 564 | 315 | |||||||||||||||
Allocations from Corporate and Other (5) | 629 | 1,414 | |||||||||||||||
| Reportable segment operating income | $ | 2,974 | $ | 4,178 | $ | 7,152 | |||||||||||
Corporate and Other operating loss (6) | (2,138) | ||||||||||||||||
| Interest expense, net | (976) | ||||||||||||||||
Other expense, net (7) | (140) | ||||||||||||||||
| Income before income taxes and loss from investments in unconsolidated affiliates | $ | 3,898 | |||||||||||||||
(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 during the year ended December 31, 2025 (see Note 13).
(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 divestiture activity; unallocated corporate expenses; expenses associated with the Company’s transformation initiative focused on operational excellence; and gains or losses on sale of business and other assets.
(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, amounts related to debt guarantee arrangements of certain equity method investments, and non-cash pension plan settlement charges.
Other significant items include:
| Year Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Merchant (1) | $ | 501 | $ | 429 | $ | 366 | |||||||||||
Financial (1) | 679 | 628 | 560 | ||||||||||||||
Corporate and Other (2) | 2,027 | 2,081 | 2,236 | ||||||||||||||
| Total Company | $ | 3,207 | $ | 3,138 | $ | 3,162 | |||||||||||
Capital expenditures, including capitalized software and other intangibles: | |||||||||||||||||
| Merchant | $ | 570 | $ | 552 | $ | 498 | |||||||||||
| Financial | 682 | 614 | 525 | ||||||||||||||
| Corporate and Other | 511 | 403 | 365 | ||||||||||||||
| Total Company | $ | 1,763 | $ | 1,569 | $ | 1,388 | |||||||||||
(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. Long-lived assets, excluding goodwill and other intangibles, within the Company’s international regions comprised approximately 21% and 19% of total consolidated long-lived assets, excluding goodwill and other intangible assets, at December 31, 2025 and 2024, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.